Corporate governance structure and board of directors remuneration policies: evidence from Spain

This paper analyses the effect of corporate governance structure’s development on the total amount and composition of the remuneration packages received by Spanish listed firms’ board members. We study the possible influence of the firms’ ownership structure and board features on remuneration policies. Our main results suggest that firm’s size and profitability, together with certain corporate governance characteristics, such as the ownership concentration, the directors’ ownership stake and the existence of a nomination and remuneration committee, affect the directors’ compensation schemes in the Spanish stock market.