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Harmonization in CEO remuneration practices by Belgian, Swiss, French and British grocery retailers

Duwelz, Marine
(2015)

Files

Duwelz_72651300_2015.pdf
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Details

Supervisors
Cerrada, Karine
Faculty
Louvain School of Management
Degree label
Master [120] en sciences de gestion
Abstract
We examine the matter of CEO remuneration harmonization across Belgian, British, French and Swiss grocery retailers. We start by studying the context influencing the potential for harmonization.This primarily consists of the corporate governance systems and mechanisms, the factors influencing CEO remuneration, the applicable regulation and future law projects as well as current CEO remuneration trends. Overall, this allows us to familiarize ourselves with the matter of CEO remuneration from a theoretical, regulatory and practical point of view. We are able to draw from this first part that the main elements impacting pay are company and individual characteristics, the ownership structure, the applicable regulation and the company structure. We also examine the European grocery retailing sector which underwent a difficult period, as a result of the crisis. This notably led to differentiation and thus large gaps in corporate performance between major retailers. We then move on to a cross-country analysis. The goal is to study the CEO remuneration practices of grocery retailers in Belgium, France, Switzerland and the United Kingdom. The sample is composed of 14 retailers and we examine pay practices for the retailers that provided information. We focus our analysis on two dimensions of executive pay: remuneration determination and information disclosure. Overall, we observe little harmonization in pay determination as remuneration levels and components tend to vary depending on the companies and countries. It appears however that information disclosure practices is quite internationalized across Belgium, France and the United Kingdom.