‘Board remuneration remains as one of the most talked about subjects, attracting intense scrutiny in the current economic and political discourse – by shareholders, government and the public worldwide.’

As this issue continues to draw criticisms from various stakeholder groups, companies are now facing immense pressure to navigate the nuances of board pay delicately and effectively.

There are increasing demands on directors of today – with independent non-executive directors (NEDs) carrying the same legal duties, responsibilities and potential liabilities as their executive counterparts. NEDs play an integral balancing role in segregating management and independent supervision and it is therefore essential that remuneration remains attractive to appeal to the relevant experienced and skilled individuals. Despite the increase in risks, responsibilities and expectations, remuneration for NEDs has not increased in line with executive remuneration. The ideal board remuneration issue has always been a challenge in many countries, but efforts to commensurate NEDs’ fee with their skills, experience and competency should bring about an impact on board performance and subsequently, an effective board.

There is no ‘one-size fits all’ compensation structure. Nevertheless, urgent action needs to be taken to strengthen the remuneration governance, one of which is to support the board’s role in structuring executive compensation. Boards must adopt a new thinking as we move towards a 21st century governance framework in balancing remuneration, performance and increased stakeholder expectations to address the growing complexity of compensation strategies.

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