Corporate governance structure and board of directors remuneration policiesevidence from Spain

  1. Fernández Méndez, Carlos
  2. Arrondo García, Rubén
  3. Fernández Rodríguez, Enrique
Journal:
Notas técnicas: [continuación de Documentos de Trabajo FUNCAS]

ISSN: 1988-8767

Year of publication: 2008

Issue: 364

Type: Working paper

More publications in: Notas técnicas: [continuación de Documentos de Trabajo FUNCAS]

Abstract

This paper analyses the effect of corporate governance structure’s development on the total amount and composition of the remuneration packages received by Spanish listed firms’ board members. We study the possible influence of the firms’ ownership structure and board features on remuneration policies. Our main results suggest that firm’s size and profitability, together with certain corporate governance characteristics, such as the ownership concentration, the directors’ ownership stake and the existence of a nomination and remuneration committee, affect the directors’ compensation schemes in the Spanish stock market.