Corporate governance and CEO pay: Evidence from UK Travel and Leisure listed firms

This paper investigates from the UK context, the impact of board and CEO characteristics on CEO compensation in Travel and Leisure firms. Namely we employ, board size, board independence and board meetings to reflect board characteristics. We also include two CEO features, CEO tenure and CEO age into our models. Using panel data analysis, the findings in this paper indicate that board size, board independence and CEO age are important factors affecting CEO pay. In addition, we report a positive non-linear relationship between CEO tenure and firm performance. Hence, using Travel and Leisure listed firms; we provide new evidence of the relationship between corporate governance and CEO compensation.