Abstract
For many years, executive compensation, with the forms of base salary, bonus, stock options, stock grants, pension and other benefits (car, healthcare etc.) was deemed as a complex and controversial subject that has attracted the attention of regulators, media and academics for further investigation. Initially, the objective of a properly designed executive pay was to attract, retain and motivate the senior management and solve agency problems. However, this incentive took a different turn where senior management took advantage to satisfy its personal needs resulting in the collapse of well-known companies such as Enron, WorldCom and converting executive compensation as corporate governance (hereafter, CG) problem.
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