Share-based remuneration: Per-director disclosure practices of selected listed South African companies

Steenkamp, Gretha; Dippenaar, Mareli; Fourie, Carine; Franken, Danie

doi:10.4102/jef.v12i1.400

Cited by 7 publications

(6 citation statements)

References 13 publications

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“…It is found that all these control variables have a significant impact on the level of ESG score. In line with prior literature, ESG disclosure is positively and significantly influenced by size (Shahab & Ye, 2018;Shakil et al, 2020;Steenkamp et al, 2019). More prominent companies have sufficient resources and facilities to provide more information on their activities related to ESG.…”

Section: Regression Analysissupporting

confidence: 82%

Does Firm’s Board Affects ESG? Malaysian Evidence

Halid¹,

Mahmud²,

Suffian³

et al. 2022

IJARAFMS

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Non-financial information such as environmental, social, and governance (hereafter ESG) issues are becoming important as financial data. There has been a series of organizational failures and controversies about corporate governance, which have raised questions about the capabilities of management and ethical behaviour on the business's level of transparency. Even factors that influence or detract from an ESG score are becoming increasingly relevant to consider. Therefore, this study aims to investigate the relationship between board characteristics and ESG score in Malaysian listed firms. In particular, this study examines four important board charactristics; board size, board independence, tenure, and board diversity on ESG score. Using 165 firm-year observations from 2017 to 2019, the findings reveal that the board independence is significantly positively associated with ESG scores. Other board characteristics; board size, tenure and board diversity, however, is not associated with ESG score. Several control variables, namely firm size, profitability, and leverage have been considered in the study, and it found that all control variables have a significant impact on ESG scores. This study contributes to the governance and ESG literature in the developing countries byhighlighting the effect of board characteristics on firm's ESG scores.

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Section: Regression Analysissupporting

confidence: 82%

Does Firm’s Board Affects ESG? Malaysian Evidence

Halid¹,

Mahmud²,

Suffian³

et al. 2022

IJARAFMS

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“…Similarly, our results demonstrate that the estimated coefficient of firm size is not significant in the first and third models, indicating this variable not affect CG and ethics disclosure by companies of our sample. Such a result contradicts the results of Cunha and Mendes (2016) and Steenkamp et al (2019). In the second model, the estimated coefficient of firm size is positive and significant at the level of 5 per cent, which is an indication that larger firms disclose more environmental-related information than smaller firms.…”

Section: Empirical Findings and Discussioncontrasting

confidence: 70%

“…As firm size was measured by the natural logarithm of total assets (Shahab and Ye, 2018; Ofoegbu et al , 2018), the majority of empirical studies has reported significant evidence that there is a positive relation between company size and the level of CG disclosure (Cunha and Mendes, 2016; Steenkamp et al , 2019) and social and environmental disclosure (Shahab and Ye, 2018); Welbeck et al , 2017)).…”

Section: Methodsmentioning

confidence: 99%

Impact of board characteristics on governance, environmental and ethical disclosure

Khaireddine

Salhi

Aljabr

et al. 2020

SBR

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Purpose The purpose of this study is to investigate how board characteristics impact the governance, environmental and ethics disclosure. Board characteristics such as board size, gender diversity, board independence, CEO/chair duality and board meeting are included. Design/methodology/approach This study is based on a sample of 82 companies listed in the SBF120 between 2012 and 2017. A number of econometric techniques are used such as generalized least squares to test the panel regressions. Findings Board independence, board gender diversity and board meetings have a positive and significant influence on governance, environmental and ethics disclosure. Board size is positively and significantly associated only with corporate environmental disclosure. The adoption of Global Reporting Initiatives (GRI, G4) has not affected or biased the corporate governance (CG), environmental and ethics disclosure. Originality/value This study adds to the literature on management reporting behavior and ethics and contributes to the extant CG literature by offering new evidence on the disclosure of good CG practices as well as environmental and ethics behavior. This study offers new insights about the potential influence of board characteristics on such specific disclosure practices focusing “during the optional period of GRI4 and after their mandatory adoption”.

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“…With excessive executive remuneration often paid to executives of poorly performing Long-term incentives, such as share options and performance shares, are increasingly applied in executive remuneration packages (Steenkamp & Wesson 2018) and the value realised from LTIs often exceeds the remuneration earned from guaranteed packages and other benefits (Massie, Collier & Crotty 2014). The recognition and disclosure rules pertaining to LTIs, however, lead to stakeholders generally only learning about the extent and nature of LTIs when they are realised (in cash or shares) (Steenkamp et al 2019). Owing to potentially large amounts spent on executive LTIs, it is important that executive LTIs are governed effectively (Steenkamp et al 2019).…”

Section: Introduction Settingmentioning

confidence: 99%

“…The recognition and disclosure rules pertaining to LTIs, however, lead to stakeholders generally only learning about the extent and nature of LTIs when they are realised (in cash or shares) (Steenkamp et al 2019). Owing to potentially large amounts spent on executive LTIs, it is important that executive LTIs are governed effectively (Steenkamp et al 2019). Governance includes the appropriate design of executive LTI packages and transparent disclosure on the link between company strategy and executive LTI scheme objectives.…”

Section: Introduction Settingmentioning

confidence: 99%

Alignment of executive long-term remuneration and company key performance indicators: An exploratory study

Wyk

Wesson

2021

Journal of Economic and Financial Sciences

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Orientation: Executive remuneration remains a controversial topic. A major concern is the perceived misalignment of executive remuneration with company performance. Key performance indicators (KPIs) represent the strategic focus areas that drive a company’s performance. Aligning executive remuneration, especially the long-term incentives (LTIs), with KPIs is, therefore, paramount in attaining company performance objectives.Research purpose: This study assessed the alignment of chief executive officer (CEO) LTI objectives and company KPIs for mining companies listed on the Johannesburg Stock Exchange (JSE).Motivation for the study: Prior research focused mainly on the relationship between short-term executive remuneration and company performance. The present study provides insights into the composition of CEO remuneration and whether CEO LTI objectives are aligned with company strategy.Research approach/design and method: The sample comprised 34 mining companies for the period 2010–2016. A standardised methodology was applied to measure LTIs and statistical techniques (descriptive statistics and a ratings analysis) were applied to assess the alignment between CEO LTI objectives and company KPIs.Main findings: Chief executive officer remuneration showed an increasing trend, with LTIs contributing more towards total CEO remuneration towards the end of the research period. A weak to moderate alignment was found between CEO LTI objectives and company KPIs.Practical/managerial implications: Improved, transparent governance is required to address the opaque disclosure on the alignment between company KPIs and the objectives of CEO LTIs.Contribution/value-add: The study demonstrated that annual (and integrated) report disclosures generally do not clearly describe company strategy (reflected by KPIs) nor is the link between KPIs and CEO LTI objectives always evident. Stakeholders thus may well question whether CEO remuneration is aligned to attaining sustainable company performance.

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Share-based remuneration: Per-director disclosure practices of selected listed South African companies

Cited by 7 publications

References 13 publications

Does Firm’s Board Affects ESG? Malaysian Evidence

Does Firm’s Board Affects ESG? Malaysian Evidence

Impact of board characteristics on governance, environmental and ethical disclosure

Alignment of executive long-term remuneration and company key performance indicators: An exploratory study

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