This paper contributes to the literature on directors' remuneration by reporting
the results of interview-based research carried out with executive and non
executive directors at two listed UK utilities, and their advisors. The findings
on how directors' pay is set reflect aspects of both economic and social-
psychological theories. They show that the level and structure of remuneration
were clearly influenced by the market, and highlight the problems of determining
a suitable comparator market. Institutional theory influences were identified in
the level and structure of the pay, and the way in which trends in practices
influenced the protagonists. Furthermore, the way in which the companies'
policies were tailored to their corporate strategies was consistent with
contingency theory
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