Using a series of interviews with top executives conducted between October 1992 and April 1993 in 24 large British companies, discusses the way that top executive pay is determined. Finds that there are well ordered practices and procedures in place. These are analysed from the perspective of the recommendations of the Cadbury Committee report. The analysis highlights the key role played by non‐executive directors in the process and underscores the importance of the nominations process by which non‐executives are selected. This is also the area where the greatest revision in current practice seems to be required.
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