The quality of executive’s remuneration policy in banks in Poland
Journal Title: Zarządzanie i Finanse - Year 2015, Vol 13, Issue 1
Abstract
The aim of this article is to assess the quality of executive remuneration poli- cy in Poland based on the sample of 16 banks listed on the Warsaw Stock Ex- change for the period 2005–2013. The study is an attempt to identify the factors that determine the quality of the executive remuneration policy. The latter is mea- sured by an index based on the information related to the level and structure of the bank’s executive compensation, policy on variable components of executive pay, functioning of the board compensation committee, and long-term incentive programs based on bank’s shares. The findings show that banks listed on the stock exchange gradually in- crease the scope of the disclosure of the remuneration policy. The biggest changes have occurred in 2012, as a result of new regulations. The results reveal that there is a positive relationship between the quality of executive remuneration policy and some corporate governance standards such as the frequency of the compen- sation committee meetings as well as the stake of the institutional investors in bank’s ownership structure. The highest quality of executive remuneration policy exists in banks controlled by investors from Anglo-Saxon countries. A higher than average quality of remuneration policy has been observed in larger banks and those banks where CEO receives a relatively higher pay
Authors and Affiliations
Agnieszka Słomka-Gołębiowska, Piotr Urbanek
Keywords
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