Abstract

This paper draws from a unique database spanning over 35 years of Canadian CEOs’ compensation to explore
the interplay among: the information available to boards of directors of Canadian companies for making
executive pay decisions, the Canadian business environment, and the compensation that Canadian CEOs
received. We find a very strong correlation between Canadian CEOs’ compensation and the amount of
information on CEO compensation available to boards of directors. We further note that the evolution of the
Canadian business environment has shaped the information produced and made available to boards of directors
regarding CEO compensation.

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