This document examines how effectively boards manage to align executive and board remuneration with

the longer term interests of their companies. This is a major and ongoing issue in many companies and one

of the key failures highlighted by the financial crisis. Aligning incentives seems to be far more problematic

in companies and jurisdictions with a dispersed shareholding structure since, where dominant or controlling

shareholders exist, they seem to act as a moderating force on remuneration outcomes.