Multiple Compensation Consultants and CEO Pay

Mohammed Rezaul Kabir, Marizah Minhat

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The study examines the practice of employing multiple compensation consultants. Data for a sample of UK companies over the period 2003-2006 are analyzed using a variety of econometric methods. We find that CEOs receive higher equity-based pay when firms employ more than one compensation consultant. Further, an increase in the number of compensation consultants is associated with an increase in CEO pay, whereas no decline in CEO pay takes place when firms reduce the number of pay consultants. We also observe that the market shares of compensation consultant are positively related to CEO compensation. The finding is consistent with the conjecture that compensation consultants act to survive competition from other consultants
Original languageEnglish
Number of pages41
Publication statusPublished - May 2010

Publication series

NameWorking paper series


  • IR-74065
  • CEO Pay
  • Executive Compensation
  • Compensation Consultant
  • Corporate Governance


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