Análise de aspectos da governança corporativa que interferem na remuneração do conselho de administração das empresas brasileiras

Abstract

In recent decades, with the use of methods to improve the quality of management of organizations, corporate governance is gaining more emphasis in Brazil due to the number of changes in the market of companies and in the rules that govern it. Among these changes, we note that the boards began to participate more in the management of companies, taking on more functions than simply supervise the work of managers. Considering that one of the corporate governance objectives is to stimulate the performance of organizations, encouraging all employees to work at maximum efficiency, and noting the growing importance of the board of directors in companies, the concern about the remuneration policy for directors has increased, especially after the occurrence of financial scandals involving them. This study aims to find out which corporate governance practices interfere the board compensation of Brazilian companies. Therefore, hypotheses were made from a descriptive study of corporate governance features. Data of directors’ board compensation of the 100 largest Brazilian companies were collected in the 2010-2013 period. The methodology used in the study was descriptive, qualitative-quantitative and documentary. The results demonstrate that corporate governance factors about annual evaluation of the Board, term of office of directors, presence of installed audit committee, stock options and free float influence the board compensation, while factors about the number of board members and the presence of permanent audit committee do not interfere.