ABI Principles of Remuneration (2011)

, 96n3

Accounting regulation

, 67–68

Act to Improve Supervision of Board Remuneration and Amendment of Further Stock Corporation Law Provisions

, 129

Adverse selection

, 13–14

Advisory vote

, 113

Agency conflicts

, 15–16

Agency costs

, 23

Agency theory

, 5, 11, 31, 133, 143

adverse selection

, 13–14

collective action problem

, 12

company’s shareholders

, 13

different agency conflicts

, 15–16

key elements

, 11

and managerial compensation

, 23

base salary

, 26

bonus

, 26

opportunism

, 23

principal-agent model

, 23

say on pay votes

, 25

short-termism

, 25

stock options

, 27–29

strengthening shareholders’ voting rights

, 24

moral hazard

, 14–15

AGM. See Annual general meeting (AGM)

AIB. See Awash International Bank (AIB)

“Alternative Mechanism”

, 5

Annual bonus plan

, 103–104

Annual Corporate Governance Report

, 178–179

Annual directors’ remuneration report

, 110–111

Annual general meeting (AGM)

, 111, 246, 247

Annual remuneration report

, 97

Antitrust law

, 4

“Apply or explain” approach

, 98

Appropriateness of Management Board’s Remuneration Act

, 121, 123

Audit committee compensation

, 87

Awash International Bank (AIB)

, 199

[B]odies corporate

, 199

BaFin. See German Federal Financial Supervisory Authority (BaFin)

Bank and banking holdings in Italy

, 139–141

Bank directors’ remuneration

, 203

Directives

, 204

economic significance

, 205

in Ethiopia

, 206

NBE

, 203

Banking Business Proclamation No. 592/2008

, 197

Basel Committee on Banking Supervision (BCBS)

, 207, 214

Base salary

, 26, 103

BCBS. See Basel Committee on Banking Supervision (BCBS)

Big bath accounting

, 38

Big Bath–Cap earnings manipulation

, 37, 38

Binding vote

, 112

BIS. See Department for Business, Innovation and Skills (BIS)

Black-Scholes formula (1973)

, 105

Blue Ribbon Commission

, 74, 80

Board independence from CEO

, 83–84

Board overlaps

, 84

Body corporate directors

, 199

Civil Code

, 202

Commercial Code

, 200

defendant

, 201

Federal High Court

, 201

National Bank

, 203

NIB

, 199

Bogey

, 37

Bonus

, 26

awards

, 65

“Bonus-Malus” system

, 37

Borsa Italiana

, 135n1

Boundary systems

, 18

Bounded rationality

, 10

Cadbury Report

, 95

Capital Requirements Directive (CRD)

, 238

Capital Requirements Directive III (CRD III Directive). See Third Capital Requirement Directive (CRD3)

CD&A. See Compensation Discussion and Analysis (CD&A)

CEBS. See Committee of European Banking Supervisors (CEBS)

CEO compensation system

, 59, 60

balance of power

, 62

literature on

, 60–62

plans

, 61

See also Executive compensation

CG Code, Italian remuneration reports to

, 244

Corporate Governance Committee

, 245

eventual caps

, 249

parameters

, 247–248

remuneration and directors’ role

, 250–251

remuneration policy

, 246–247

“Remuneration Reports”

, 246

short-and medium–long-term oriented variable components

, 248–249

survey by Assonime

, 252

Circular 4/2011

, 166

Classical contracts

, 8

Classical firm

, 5

Coase Theorem

, 8

Code of Self-Discipline of Listed Companies

, 135–136

Codes of Good Governance

, 159–160

Collective action problem

, 12

Collective production

, 16–18

Combined Code on Corporate Governance (1998)

, 98–99

Commercial Code

, 185, 190–191, 192, 196, 198–199

Committee of European Banking Supervisors (CEBS)

, 139, 164, 165, 238

CEBS Guidelines

, 96n1

Community Recommendation 913/2004

, 232

Companies Act. See Ley de Sociedades de Capital (LSC)

Company law

, 4

Compensation

committees

, 77, 82–83

consultants

, 83

equity

, 79–80

equity-based

, 28, 31

See also Executive compensation

Compensation Discussion and Analysis (CD&A)

, 76

Complete contract

, 9

“Comply or explain” approach

, 100n7, 136, 137

Conference Board survey

, 80

Consob Legislative Decree No. 58 of 24 February (1998)

, 136–138

Consob Scheme

, 246–247

Contract

, 10

Corporate governance

, 3, 7, 50–51

changes in

, 51

elements of financial institutions

, 48–50

proposals

, 4

rules

, 135

See also Financial governance

Corporate Governance Annual Report

, 162, 178

Corporate social performance

, 90

Corporate social responsibility (CSR)

, 15, 36, 39

CRD3. See Third Capital Requirement Directive (CRD3)

CSR. See Corporate social responsibility (CSR)

Current intrinsic motivator

, 30–31

DAB plans. See Deferred annual bonus plans (DAB plans)

DAX

, 123, 125

Decisive elements

, 143

Defendant

, 89

Deferred annual bonus plans (DAB plans)

, 104

Department for Business, Innovation and Skills (BIS)

, 112, 114

Detailed audit financial information

, 111

Determinants of director remuneration

, 81–85

and board independence from CEO

, 83–84

board overlaps

, 84

characteristics of firms adopting outside director stock-option plans

, 81–82

compensation

committees

, 82–83

consultants

, 83

Diagnostic control systems

, 17–18

Director

, 198

Director compensation guidelines

, 75

Directors’ remuneration

agency theory and managerial compensation

, 23

base salary

, 26

bonus

, 26

opportunism

, 23

principal-agent model

, 23

say on pay votes

, 25

short-termism

, 25

stock options

, 27–29

strengthening shareholders’ voting rights

, 24

board’s role in

, 67

current intrinsic motivator

, 30–31

design

, 65–66

employee motivation

, 29

in Ethiopia

Commercial Code

, 185

emerging separation of ownership and control

, 187–190

Ethiopian companies profile

, 186–187

non-financial and financial companies

, 188

in Ethiopian share companies

, 190

challenges

, 195–207

design

, 192–194

regulation

, 190–192

reporting

, 194

factors

, 66–67

in Germany

challenges

, 128–130

design

, 122–126

regulation

, 119–122

reporting

, 127–128

in Italy

, 133–134

design schemes

, 142–146

regulation

, 134–142

reporting

, 146–152

and motivation

, 21

executive contracts

, 21

high-powered incentive contracts

, 22

shareholders

, 22

participation of employees

, 207–210

policy

, 64–65

in Spain

, 157

annual report on remuneration of directors

, 179–180

board structure in

, 168

recommendations to directors remuneration in

, 158

regulation for financial institutions

, 163–166

remuneration challenges

, 180–181

remuneration design

, 169–176

remuneration regulation

, 157–163

remuneration reporting

, 176–180

takeover threats

, 30–31

in United Kingdom

challenges

, 113–115

design

, 103–110

regulation

, 95–103

reporting

, 110–113

in United States

, 73

Blue Ribbon Commission

, 74

challenges

, 91–92

corporate social performance

, 90

design

, 78–81

determinants

, 81–85

dividend paying

, 89

empirical evidence on

, 81

financial reporting

, 87–88

market reaction to adding equity to director remuneration plans

, 85–86

regulation and reporting

, 75–8

shareholder lawsuits

, 89–90

well-balanced packages

, 31

Directors’ Remuneration Report Regulations (2002)

, 95, 110–111

Directors’ Remuneration Reporting Reform (2012)

, 111–113

Discounting

, 52–53, 55

functions

, 53

Dismissal of executives

, 21

Dividend paying

, 89

Dodd-Frank Act

, 75, 76

Dodd-Frank Financial Reform bill

, 25

Earnings before interest and tax (EBIT)

, 26, 123

Earnings management

, 87

EBA. See European Banking Authority (EBA)

EBIT. See Earnings before interest and tax (EBIT)

Economic contract

, 10

Economic Value Added (EVA)

, 123

Employee motivation

, 29

Enel CEO

, 151

Enel Remuneration System (2013)

, 149–152

Enterprise and Regulatory Reform Bill (2013)

, 115

Epitomes of transformative CSR

, 36n1

Equity-based compensation

, 28, 31

Equity-based pay models

, 230

Equity compensation

, 79–80

ESMA. See European Securities and Markets Authority (ESMA)

ESOs. See Executive share options (ESOs); Share option plans (ESOs)

Ethiopian Commercial Code. See Commercial Code

European and German regulation of remuneration system

incentive-compatibility

, 220

incentive-compatible remuneration system

, 221

European and international recommendations

, 164–165

European approach to director’s remuneration regulation

Action Plan

, 226–227

action plan

, 231

EU interventions

, 237–244

European Commission

, 225, 227

Italian Remuneration reports to CG Code

, 244

Corporate Governance Committee

, 245

eventual caps

, 249

parameters

, 247–248

remuneration and directors’ role

, 250–251

remuneration policy

, 246–247

“Remuneration Reports”

, 246

short-and medium–long-term oriented variable components

, 248–249

survey by Assonime

, 252

literature review

, 228–231

Recommendation 2004/913/EC

, 232–233

Recommendation 2005/162/EC

, 235–237

remuneration

of individual directors

, 234–235

policy

, 233–234

share-based remuneration

, 235

See also Directors’ remuneration

European Banking Authority (EBA)

, 216

European Commission

, 225, 227

European Community

, 225

European legislation to German implementation

, 213

European Parliament and Council

, 214

implementation of remuneration regulations in Germany

, 219–220

incentive-compatibility of European and German regulation of remuneration system

, 220

incentive-compatible remuneration system

, 221

prerequisites of incentive-compatible remuneration system

, 215–216

regulative remuneration standards of EU

, 216–219

European Securities and Markets Authority (ESMA)

, 216

European Union interventions

, 237

“Action Plan”

, 243

Directive 2007/36/EC

, 244

European Parliament

, 241–242

golden parachute

, 240

Recommendation

, 239

Recommendation for Financial Institutions

, 239–240

Rem. HLP

, 238

EVA. See Economic Value Added (EVA)

Executive and non-executive directors

, 198–199

Executive compensation

, 133–134

and motivation

, 36–37

plans

, 37–38

redefining performance evaluation in age of sustainability

, 38

CSR

, 39

hypotheses

, 40

Puma innovative accounting system for sustainability

, 40

in 21st century

, 35–36

See also CEO compensation system

Executive contracts

, 21

Executive directors’ benefits provision

, 65

Executive remuneration in FTSE 250 companies

, 114

Executive share options (ESOs)

, 97

Exercise barriers

, 123

Explicit incentives

, 21

Exponential discounting

, 53–54

Extrinsic motivation

, 23, 29

Federal Supreme Court Cassation Division

, 201n42

FEDEX days

, 37

Financial companies

, 47

crisis and effects on remuneration governance in financial institutions

, 48–50

European initiatives for enhanced governance and remuneration

, 50–51

financial governance

, 47

remuneration

, 51–55

See also Industrial companies

Financial governance

, 47

See also Corporate governance

Financial institutions

, 48

corporate governance elements of

, 48–50

crisis and effects on remuneration governance in

, 48

pre-and post-crisis remuneration governance

, 50

stakeholder groups

, 49

Financial reporting

, 87–88

Financial Reporting Council (FRC)

, 98–99

May 2010 consultation document

, 100–101

September 2012 consultation document

, 101

Financial scandals

, 39

Financial Service Authority (FSA)

, 96n1

Financial Stability Board (FSB)

, 213n1

Financial Stability Forum (FSF)

, 164

Firm size

, 66

Fixed annual remuneration

, 192

Fixed compensation package design

, 144–145

Fixed remuneration

, 169, 171

Fraudulent financial reporting

, 87

FRC. See Financial Reporting Council (FRC)

Free riding

, 12

French Law

, 229

FSA. See Financial Service Authority (FSA)

FSB. See Financial Stability Board (FSB)

FSF. See Financial Stability Forum (FSF)

FTSE All-Share Index factsheet

, 109–110

Full value shares

, 79

GCCG. See German Code of Corporate Governance (GCCG)

General shareholders meeting (GSM)

, 192

German Code of Corporate Governance (GCCG)

, 121, 122, 124, 126–127

German Commercial Code

, 127

German Corporate Governance Code. See German Code of Corporate Governance (GCCG)

German Federal Financial Supervisory Authority (BaFin)

, 216

German Government passed the Management Board Remuneration Disclosure Act. See Vorstandsvergütungs—Offenlegungs-gesetz (VorstOG)

German law

, 229

German Stock Corporation Act (GSCA)

, 119–120, 122, 126

Germany

German Prime Standard

, 126, 127

German two-tier system

, 119–120

implementation of remuneration regulations in

, 219–220

Gesetz zur Angemessenheit der Vorstandsvergütung (VorstAG)

, 121, 123

Gesetz zur Verbesserung der Kontrolle der Vorstandsvergütung und Änderung weiterer aktienrechtlicher Vorschriften (VorstKoG)

, 129

Golden parachutes

, 174–175

Government-owned unlisted companies

, 141–142

Greenbury Report (1995)

, 95, 96–97

GSCA. See German Stock Corporation Act (GSCA)

GSM. See General shareholders meeting (GSM)

Hampel Report (1998)

, 98

Higgs Report

, 99

High-level Principles for Remuneration Policies (Rem. HLP)

, 238

Hostile takeovers

, 30

Hyperbolic discounting

, 54

IFRS. See International Financial Reporting Standards (IFRS)

IMF. See International Monetary Fund (IMF)

Implementation report

, 112

Implicit incentives

, 21

Incentive-compatible remuneration system prerequisites

, 215–216

Incentive pay

, 21–22

Incomplete remuneration contracts

, 9

bounded rationality

, 10

complete contract

, 9

nexus of contracts

, 10–11

See also Directors’ remuneration

Independent director compensation

, 87

Independent non-executive directors (INEDs)

, 97

Individual bonus decisions

, 65

Individual directors remuneration of

, 234–235

Industrial companies

, 59

accounting regulation

, 67–68

CEO compensation system

, 59, 60

directors’ remuneration

board’s role in

, 67

design

, 65–66

factors

, 66–67

policy

, 64–65

research design

, 62

results

, 62–64

See also Financial companies

INEDs. See Independent non-executive directors (INEDs)

Initial public offering of shares (IPOs)

, 187

Interactive control systems

, 18

International Financial Reporting Standards (IFRS)

, 67, 68

International Monetary Fund (IMF)

, 213n1

Intrinsic motivation

, 23

IPOs. See Initial public offering of shares (IPOs)

ISVAP Regulation

, 141

Italian compensation discipline

, 135

Italian economic system

, 134

Italian listed companies

, 135–139

Italian ownership structure

, 134

Italian Stock Exchange. See Borsa Italiana

Italian unlisted companies

, 142

Law 2/2011

, 165–166

Ley de Sociedades de Capital (LSC)

, 158

Royal Legislative Decree 1564/1989

, 159

Spanish legislation

, 157–158

Listing Rules (2004)

, 96n2, 98

London Stock Exchange (LSE)

, 98n4, 206

Long-term compensation

, 66

Long-term incentive plans (LTIPs)

, 97, 105, 114, 127, 128, 248

CEO compensation in UK listed companies

, 108, 109

executive average compensation in UK listed companies

, 109

executive compensation

, 110

executive directors’ remuneration

, 106–108

FTSE All-Share Index factsheet

, 109–110

percentage of using LTIPs in FTSE 100 companies

, 106

share grants

, 105

Long-term performance measurement

, 65

LSC. See Ley de Sociedades de Capital (LSC)

LSE. See London Stock Exchange (LSE)

LTIPs. See Long-term incentive plans (LTIPs)

Management

, 16–18

compensation plans

, 37

Management board remuneration

, 122

financial crisis effects

, 124–125

GCCG

, 122, 124

monetary compensation components

, 124

pension awards

, 123–124

pre-defined objectives

, 122–123

range of board remuneration of companies

, 125–126

share-based compensation

, 123, 126

Management-by-objectives plans (MBO)

, 248

Market dichotomy

, 8–9

Market for corporate control

, 30

MBO. See Management-by-objectives plans (MBO)

MDAX

, 123, 125

Medium–long-term oriented variable remuneration

, 248–249

Meeting fees

, 79

Microeconomics

, 6

Mid-term incentive plan (MTI plan)

, 127, 128

Ministry of Commerce and Industry

, 192

Mixed remuneration design

, 193–194

Monetary compensation components

, 124

Moral hazard

, 14–15

Motivation

, 23

theories

, 215–216

MTI plan. See Mid-term incentive plan (MTI plan)

Multi-annual variable remuneration

, 172

limits, conditions, and constraints

, 173

LSC

, 174

Multitasking

, 27

NACD. See National Association of Corporate Directors (NACD)

NASDAQ

, 112n16

National Association of Corporate Directors (NACD)

, 74

National Bank of Ethiopia (NBE)

, 185

NBE. See National Bank of Ethiopia (NBE)

Neo-classical contracts

, 8, 9

Neo-classical economics

, 4

Net present value (NPV)

, 52

New Regulations

, 139–140

New York Stock Exchange (NYSE)

, 59, 62, 63, 64, 112n16

Nexus of contracts

, 10–11

Nib International Bank (NIB)

, 199

NPV. See Net present value (NPV)

NYSE. See New York Stock Exchange (NYSE)

Opportunism

, 23

Organization for Economic Cooperation and Development (OECD)

, 206n63

Ownership

, 67, 105

“Pay for performance” culture

, 145

Pay-performance link

, 37–38

Pay-performance sensitivity

, 28

Pension

awards

, 123–124

plans

, 174

rights

, 103n9

Performance evaluation in age of sustainability

, 38

CSR

, 39

hypotheses

, 40

Puma innovative accounting system for

, 40

Performance measures

, 65

Performance share grants

, 105

Phantom stock

, 37

Policy report

, 112

Post-crisis remuneration governance

, 50

PPESA. See Privatization and Public Enterprises Supervising Agency (PPESA)

Pre-crisis remuneration governance

, 50

Principal-agent model

, 23

theory models

, 5

Privatization and Public Enterprises Supervising Agency (PPESA)

, 187

Production costs

, 6

Proportionality principle

, 140

Puma innovative accounting system for sustainability

, 40

Quasi-hyperbolic discounting

, 54, 55

Quoted companies

, 112n16

Recommendation 2004/913/EC

, 232–233

Recommendation 2005/162/EC

, 235

individual remuneration

, 237

remuneration committee

, 236

Regulation for financial institutions in Spain

, 163, 164

Circular 4/2011

, 166

European and international recommendations

, 164–165

Royal Decree 771/2011

, 165–166

Sustainable Economy Act

, 165–166

Regulative remuneration standards of EU

, 216

Directive 2013/36/EU

, 218

functions and prerequisites of remuneration systems

, 217

long-term oriented risk management strategies

, 219

remuneration policies

, 217

Relational contracts

, 8, 9

Rem. HLP. See High-level Principles for Remuneration Policies (Rem. HLP)

Remuneration

, 3, 7, 51, 229

alternative discounting functions

, 53

of directors

, 138

discounting

, 52–53

evaluation

, 55

exponential discounting

, 53–54

hyperbolic discounting

, 54

policy

, 110–111, 233–234

challenges for

, 115

practices

, 51

quasi-hyperbolic discounting

, 54, 55

structuring variable bonuses over time

, 52

systems

, 133, 216

Remuneration challenges

in Ethiopia

, 195

bank directors remuneration

, 203–206

body corporate directors

, 199–203

executive and non-executive directors

, 198–199

lack of legal requirement for Remuneration Committee

, 206–207

privileges

, 195–198

in Germany

, 128–130

in Spain

, 180–181

in United Kingdom

challenges for remuneration policy

, 115

problems in UK executive remuneration

, 113–115

in United States

, 91–92

Remuneration committee

, 110

lack of legal requirement for

, 206–207

Remuneration design

, 103

in Ethiopian share companies

, 192–194

in Germany

management board remuneration

, 122–126

supervisory board remuneration

, 126

in Italy

, 142–146

in Spain

average remuneration per director

, 175

practice

, 175–176

profit sharing

, 173

remuneration policy for directors

, 166–169

remuneration systems elements in

, 169–175

systems of remuneration to directors

, 170

in United Kingdom

annual bonus plan

, 103–104

base salary

, 103

ESOs

, 104–105

LTIPs

, 105–110

in United States

, 78

Conference Board survey

, 80

equity compensation

, 79–80

meeting fees

, 79

perquisites

, 80, 81

survey of firms

, 78

Remuneration Disclosure Requirements (2010)

, 96n1

Remuneration regulation

, 95–96

in Ethiopian share companies

, 190–192

in Germany

German two-tier system

, 119–120

management board and supervisory board

, 120–122

in Italy

, 134–135

bank and banking holdings

, 139–141

government-owned unlisted companies

, 141–142

Italian compensation discipline

, 135

listed companies

, 135–139

unlisted companies

, 142

in Spain

, 157

Codes of Good Governance

, 159–160

for companies

, 157

LSC

, 157–159

regulations

, 163

Securities Market Act

, 162–163

Sustainable Economy Act

, 161–162

in United Kingdom

, 98–99

Combined Code on Corporate Governance (1998)

Greenbury Report (1995)

, 96–97

UK Corporate Governance Code (2010 Code)

, 99–101

UK Corporate Governance Code (2012 Code)

, 101–103

in United States

, 75

CD&A

, 76

compensation committees

, 77

NYSE and NASDAQ

, 75

SEC

, 75–6

Remuneration reporting

in Ethiopian share companies

, 194

in Germany

, 127–128

in Italy

, 146–147

2013 Enel Remuneration System

, 149–152

Telecom Italia 2012 Remuneration Scheme

, 147–149

in Spain

, 176–180

in United Kingdom

, 111–113

2012 Directors’ Remuneration Reporting Reform

Directors’ Remuneration Report Regulations (2002)

, 110–111

in United States

, 75

CD&A

, 76

NYSE and NASDAQ

, 75

SEC

, 75–6

Responses to shirking

, 17

Return on Assets (ROA)

, 123

Return on Net Assets (RONA)

, 123

Royal Assent

, 115

Royal Decree 1362/2007

, 163

Royal Decree 771/2011

, 165–166

Samuelson’s model

, 53

Sarbanes-Oxley Act (2002)

, 77

“Say on pay”

remuneration

, 111

system

, 161

tool

, 135

votes

, 25

SDAX

, 124–125

SEBI. See Securities and Exchange Board of India (SEBI)

SEC. See Securities and Exchange Commission (SEC)

§ 4 One-third Participation Act

, 120

§ 29 Co-Determination Act

, 120

§ 107 GSCA

, 120

Securities and Exchange Board of India (SEBI)

, 207

Securities and Exchange Commission (SEC)

, 25, 75

Securities Market Act

, 162–163

Sensitivity of pay

, 21

Share-based compensation

, 123, 126

Share-based remuneration

, 235

Share-option-based pay

, 230

Share option plans (ESOs)

, 104–105

Shareholder(s)

, 22

lawsuits

, 89–90

shareholder-manager agency relationship

, 14

vote

, 111

Shirking

, 16, 17

Short-term remuneration schemes

, 145

Short-term-oriented variable remuneration

, 248–249

Short-termism

, 25

Smith Report

, 99

“Soft landing” mechanisms

, 230

Stakeholder(s)

, 15–16, 205

impact of director remuneration

, 90–91

groups

, 49

model

, 16, 208

Stakeholders’ Interests

, 49

theory

, 40

Standardization

, 105

Statutory dividend

, 208–209

Stewardship Code (2010)

, 99n6

Stock market’s reaction

, 85–86

Stock options

, 27, 79–80

equity-based compensation and pay-performance sensitivity

, 28

multitasking

, 27

packages

, 146

senior management pay at public companies

, 29

Stock-appreciation rights

, 79

Strengthening shareholders’ voting rights

, 24

Strike price

, 80

Structuring variable bonuses over time

, 52

Supervisory board remuneration

, 126

Sustainable Economy Act

, 161–162, 165–166

Takeover threats

, 30–31

Target-based bonuses

, 26, 27

TecDAX

, 124–125

Telecom Italia 2012 Remuneration Scheme

, 147–149

TFM. See Trattamento di fine mandato (TFM)

Theory of firm

, 4–6

Coase Theorem

, 8

production costs

, 6

situations in market transactions

, 7

Theory of property rights

, 7

Theory of team production

, 17

Theory of transaction costs

, 8

Third Capital Requirement Directive (CRD3)

, 96n1, 139

Toronto Stock Exchange (TSX)

, 59, 62, 63, 64

Transaction-cost economics

, 6

Trattamento di fine mandato (TFM)

, 249

TSX. See Toronto Stock Exchange (TSX)

2008 Code

, 99n6

2010 Code. See UK Corporate Governance Code (2010 Code)

UK Corporate Governance Code (2010 Code)

, 99–101

UK Corporate Governance Code (2012)

, 101–103

UK executive remuneration, problems in

, 113–115

Variable annual remuneration

, 171–172

VorstAG. See Gesetz zur Angemessenheit der Vorstandsvergütung (VorstAG)

Vorstandsvergütungs—Offenlegungs-gesetz (VorstOG)

, 121

VorstKoG. See Gesetz zur Verbesserung der Kontrolle der Vorstandsvergütung und Änderung weiterer aktienrechtlicher Vorschriften (VorstKoG)

Walker Review (2009)

, 100n7

Well-balanced packages

, 31

“Windfalls” in equity-based plans

, 230

Worldwide Total Remuneration Report

, 143

Year-on-year performance

, 109n13

Zero transaction costs

, 30