Nomination and remuneration committee: A review of literature

Pu a, Fe dy; Se iawan, Doddy
A icle
Nomina ion and emune a ion commi ee: A e iew o
li e a u e
Jou nal o Capi al Ma ke s S udies (JCMS)
P o ided in Coope a ion wi h:
Tu kish Capi al Ma ke s Associa ion
Sugges ed Ci a ion: Pu a, Fe dy; Se iawan, Doddy (2024) : Nomina ion and emune a ion commi ee:
A e iew o li e a u e, Jou nal o Capi al Ma ke s S udies (JCMS), ISSN 2514-4774, Eme ald, Bingley,
Vol. 8, Iss. 1, pp. 126-168,
h ps://doi.o g/10.1108/JCMS-12-2023-0045
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Nomina ion and emune a ion
commi ee: a e iew o li e a u e
Fe dy Pu a
Riau Uni e si y, Pekanba u, Indonesia and
Sebelas Ma e Uni e si y, Su aka a, Indonesia, and
Doddy Se iawan
Facul y o Economics and Business, Sebelas Ma e Uni e si y, Su aka a, Indonesia
Abs ac
Pu pose –This pape aims o syn hesize he di e se li e a u e on nomina ion and emune a ion commi ees
and p o ide a enues o u u e esea ch.
Design/me hodology/app oach –This s udy p o ides a comp ehensi e li e a u e e iew o heo e ical and
empi ical s udies published in epu able in e na ional jou nals indexed by Scopus.
Findings –The li e a u e e iew e eals se e al aspec s o he nomina ion and emune a ion commi ee.
These aspec s ha e been classi ied in o he de ini ion o he nomina ion and emune a ion commi ee,
dimensions o he nomina ion and emune a ion commi ee, measu emen and esea ch e iew esul s, easons
o con lic empi ical indings, company dynamics and esea ch on mode a o s, as well as ecommending
u u e esea ch.
Resea ch limi a ions/implica ions –Ou li e a u e e iew shows ha nomina ion and emune a ion
commi ees play a ole in imp o ing boa d pe o mance and company pe o mance, educing agency con lic s
and imp o ing co po a e go e nance o p o ide implica ions o companies, egula o s and in es o s and pa e
he way o u u e esea ch.
O iginali y/ alue –This pape iden i ies issues ela ed o nomina ion and emune a ion commi ees, hei
heo e ical and p ac ical implica ions and a enues o u u e esea ch.
Keywo ds Co po a e go e nance, Nomina ion and emune a ion commi ee, Company boa d, Compensa ion,
Company dynamics
Pape ype Li e a u e e iew
1. In oduc ion
Commi ees in a company a e essen ial o sa egua ding s akeholde s’in e es s and
maximizing sha eholde weal h because hese commi ees play a ole in implemen ing good
co po a e go e nance. One o hese commi ees is he nomina ion and emune a ion
commi ee. The nomina ion and emune a ion commi ee is asked p o essionally in he
boa d selec ion p ocess o a oid excessi e in e en ion by he chie execu i e o ice (CEO) o
boa d chai men and o p o ide ecommenda ions and ad ice o he boa d ega ding he issue
o emune a ion o boa d membe s (Al-Absy e al., 2018). The nomina ion commi ee, also
known as he appoin men commi ee, is esponsible o ec ui ing and elec ing new di ec o s
and ensu ing an impa ial mechanism o selec ing boa d membe s. In con as , he
emune a ion commi ee de elops policies ela ing o compensa ion ( emune a ion) so ha
JCMS
8,1
126
© Fe dy Pu a and Doddy Se iawan. Published in Jou nal o Capi al Ma ke s S udies. Published by
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4.0) license. Anyone may ep oduce, dis ibu e, ansla e and c ea e de i a i e wo ks o his a icle ( o
bo h comme cial and non-comme cial pu poses), subjec o ull a ibu ion o he o iginal publica ion
and au ho s. The ull e ms o his license may be seen a h p://c ea i ecommons.o g/licences/by/4.0/
legalcode
We would like o hank he Highe Educa ion Funding Agency (BPPT) and he Indonesian
Educa ion Fund Managemen Agency (LPDP) o unding his esea ch.
The cu en issue and ull ex a chi e o his jou nal is a ailable on Eme ald Insigh a :
h ps://www.eme ald.com/insigh /2514-4774.h m
Recei ed 3 Decembe 2023
Re ised 3 Ma ch 2024
Accep ed 13 Ma ch 2024
Jou nal o Capi al Ma ke s S udies
Vol. 8 No. 1, 2024
pp. 126-168
Eme ald Publishing Limi ed
2514-4774
DOI 10.1108/JCMS-12-2023-0045
he compensa ion sys em is designed no o bene i managemen a he expense o
sha eholde s and o he s akeholde s (Puni and Anlesinya, 2020).
Based on agency heo y (Jensen and Meckling, 1976), his commi ee has a ole ha
enables he boa d o pe o m i s con ol ole e ec i ely. Meanwhile, om he pe spec i e o
esou ce dependence heo y (P e e and Salancik, 1978), he boa d is conside ed a pa h-
opene be ween he company and i s en i onmen . Based on his iew, he nomina ing
commi ee aims o adap he boa d’s composi ion o he demands posed by he company’s
ex e nal en i onmen (Ruig ok e al., 2006). Following hese wo heo ies, i a company is led
by execu i es wi h good capabili ies and supe ised by knowledgeable boa d membe s
(di ec o s o commissione s) who a e gi en app op ia e emune a ion, i will achie e a
compe i i e ad an age in i s indus y.
This pape aims o p o ide a esea ch syn hesis ega ding he impo ance o nomina ion
and emune a ion commi ees based on he pe spec i es o agency heo y and esou ce
dependence heo y. F om ou sea ch esul s, hese wo heo ies a e he mos equen ly used
and mos sui able o use in a icles. We ha e conside ed he a ious bene i s o nomina ion
and emune a ion commi ees, explained he de ini ions o nomina ion and emune a ion
commi ees, measu ed nomina ion and emune a ion commi ees, di e si y wi hin nomina ion
and emune a ion commi ees, con lic ing indings and a eas o u u e esea ch. We ha e
e iewed esea ch ha has been published in academic jou nals. The e o e, his s udy has
eco ded all he esea ch esul s on nomina ion and emune a ion commi ees. I will
undoub edly help esea che s in he u u e who conduc esea ch in his ield.
Ou esea ch has se e al con ibu ions. Fi s , we ha e p o ided a s uc u ed e iew o
nomina ion and emune a ion commi ee esea ch. O cou se, we hope ha ou esea ch helps
o he esea che s ind new esea ch ideas. Second, we ha e classi ied he nomina ion and
emune a ion commi ee esea ch uniquely by ca ego izing i in o six a eas, namely he
p esence o he nomina ion and emune a ion commi ee, he p esence o independen
di ec o s and independence o he commi ee, gende di e si y, na ionali y and skin colo in
he commi ee, he numbe o commi ee membe s and mee ings, expe ise, expe ience o
moni o ing and independence o he chai man, as well as he e ec i eness o he nomina ion
and emune a ion commi ee. This classi ica ion will undoub edly help esea che s ge a
b oad unde s anding o his commi ee. Thi d, we ha e iden i ied u u e esea ch on his
commi ee, and we sugges ha u u e esea che s need o conside o he di e si y wi hin
his commi ee, such as educa ional backg ound (accoun ing and inance, human esou ces
and law), ace, e hnici y, disabili y, language, eligion, expe ience in he indus ial wo ld,
expe ience as a membe o he boa d (including his commi ee), expe ience in he ield o
human esou ces and age di e si y. In addi ion, we ha e sugges ed u u e esea ch ques ions
and c oss-coun y compa isons. Fou h, ou esea ch p o ides inpu o egula o s and
companies o c ea e egula ions ha equi e he o ma ion o hese commi ees because hei
bene i s a e so g ea . Las ly, o in es o s, his esea ch p o ides inpu o in es ing in
companies ha ha e his commi ee.
Ou li e a u e e iew di e s om p e ious quali a i e and quan i a i e s udies on
nomina ion and emune a ion commi ees. Mani e al. (2023) examined he boa d commi ee
li e a u e om he Web o Science da abase be ween 2002 and 2023. They ound he
composi ion o boa d commi ees, such as gende , independence and expe ise, as well as
ac o s ha in luence co po a e go e nance, such as epo ing quali y, ea nings managemen
and boa d moni o ing, all o which ha e had a signi ican impac on he boa d commi ee
li e a u e. One o hei sugges ions is o conduc u he explo a ion o he nomina ion and
emune a ion commi ee. Nachemson-Ekwall and Maye (2018) conduc ed a quali a i e
s udy compa ing he nomina ion sys ems in he U.K. and Sweden. They saw simila i ies and
signi ican di e ences in he nomina ion sys ems o he wo coun ies, especially in e ms o
ins i u ional in es o s. In quali a i e esea ch, Je zemowska and Koyama (2020) discuss ha
Nomina ion
and
emune a ion
commi ee
127
he e a e h ee o ms o boa d sys ems in Japan ha a e pe mi ed unde he Company
Regula ion ( e ised in 2014).
The quan i a i e esea ch o Gai e al. (2021), aking an obse a ion pe iod om 2001 o
2014 wi h a sample o 6,302, examines how he s uc u e o USA boa ds o di ec o s links
mul i-commi ee di ec o s in esponding o inancial es a emen s. Ash a e al. (2022) explo e
he ela ionship be ween boa d commi ee independence and co po a e inancial dis ess in
China and he UK wi h a sample o 251 non- inancial companies in he UK and 168 non-
inancial companies in China du ing 2007–2016. Ha ymawan e al. (2019) examined CEO
busyness and company pe o mance in Indonesia using 876 non- inancial, insu ance and eal
es a e companies wi h an obse a ion pe iod o 2014–2017, and Ha ymawan e al. (2020) used
he same sample o examine emune a ion commi ees, execu i e emune a ion and company
pe o mance in Indonesia. Mans-Kemp and Vi ie s (2019) used a sample o Top 40 index
companies egis e ed a he Johannesbu g S ock Exchange and ob ained 251 samples wi h a
pe iod o 2011–2016 o examine he ole o nomina ing commi ees in boa d di e si y in Sou h
A ica, while Kanapa hippillai e al. (2016) used a sample o Top 200 Aus alian Secu i ies
Exchange (ASX) wi h pe iod obse a ion 2007–2011 o de elop an index o in es iga e he
e ec i eness o emune a ion commi ees and disclosu e o emune a ion na a i es, and
Chaudh y e al. (2020), using a sample o 50 non- inancial companies egis e ed in he Ka achi
S ock Exchange (KSE) 100 in 2016, examined he in luence o he expe ise o audi commi ee
chai pe sons and nomina ions on i m pe o mance in Pakis an. Ou esea ch di e s om
p e ious esea ch because we e iewed i by conside ing he nomina ion and emune a ion
commi ees hey esea ched.
We ha e o ganized he li e a u e e iew in o he ollowing sec ions: li e a u e
iden i ica ion and classi ica ion; he de ini ion and impo ance o s udying he nomina ion
and emune a ion commi ee; dimensions o he nomina ion and emune a ion commi ee;
measu emen and esea ch e iew esul s; o e all syn hesis and esea ch agenda; and
conclusion.
2. Iden i ica ion and classi ica ion o li e a u e
We ha e e iewed he li e a u e on nomina ion and emune a ion commi ees o ele an
a icles published in he las 26 yea s in he Scopus index, a icles anging om Conyon and
Peck (1998) o Edache ian e al. (2024). We chose he las 26 yea s because Conyon and Peck
(1998) i s aised he opic o emune a ion commi ees and Shi dasani and Ye mack (1999)
aised he opic o nomina ion commi ees, and hei esea ch became a e e ence o o he
s udies in subsequen yea s. Ou sea ch in Scopus used he keywo ds “nomina ion and
emune a ion commi ee,”“ emune a ion commi ee,”and “nomina ion commi ee”wi h he
subjec s o business, managemen and accoun ing, economics and econome ics, and inance.
Fu he mo e, se e al app op ia e s udies we e collec ed om se e al jou nals om quali y
publishe s such as Eme ald, Else ie , Taylo & F ancis, Wiley and Sp inge , as well as highly
epu able jou nals. A icles ha become he li e a u e in his s udy mus ha e a commi ee
a iable o nomina ion, emune a ion, o compensa ion. This keywo d sea ch me hod aligns
wi h uppe -echelon e iew li e a u e esea ch (B omiley and Rau, 2016) and boa d
demog aphic di e si y (Kagzi and Guha, 2018).
Ou esea ch uses he P e e ed Repo ing I ems o Sys ema ic e iews and Me a-
Analyses (PRISMA) me hod; we ha e iden i ied nomina ion and emune a ion commi ees as
a co e esea ch opic and es ablished c i e ia o a icles o be sampled (inclusion c i e ia) as
well as hose o be excluded om he sample (exclusion c i e ia). Fi s , he main ocus o he
a icle ha we will use as a sample (inclusion c i e ia) is ha he a icle explains he ole o he
nomina ion and emune a ion commi ee in co po a e go e nance, so he a icle uses his
commi ee as a esea ch a iable bo h as an independen and dependen a iable and as a
JCMS
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mode a o a iable. Figu e 1 shows he s ages o sea ching o a icles in ou sample using
he PRISMA me hod. Fi s , we sea ched he da a using he keywo d “nomina ion and
emune a ion commi ee”in he Scopus da abase and ound a o al o 42 s udies. Then we did
he same hing o sea ch wi h each keywo d, namely “nomina ion commi ee”and
“ emune a ion commi ee.”Fo he keywo d nomina ion commi ee, 170 a icles we e ound,
while o he keywo d emune a ion commi ee, 678 a icles we e ound. Second, we skimmed
each a icle o iden i y whe he he a icle co ec ly used hese commi ees as a iables in i s
esea ch. Thi d, o exclusion c i e ia, a icles ha use his commi ee as a con ol a iable
and ha do no explain he ole o his commi ee in co po a e go e nance we e emo ed om
he sample. Finally, we also emo ed a icles ha we e no in English, as well as a icles
whose jou nals we e no longe lis ed in he SCImago Jou nal Coun y and Rank (SJR). In o al,
we included 61 published pape s.
Sea ch h ough he Scopus da abase
A icles wi h sea ch
keywo ds o he
nomina ion
commi ee (n = 170)
A icles wi h sea ch
keywo ds o he
emune a ion
commi ee (n = 678)
A icles wi h sea ch
keywo ds o he
nomina ion and
emune a ion
commi ee (n = 42)
Ini ial sea ch o al o a icles (n = 890)
The a icle was il e ed because
i did no ea u e he nomina ion
and emune a ion commi ee as
a esea ch opic (n = 817)
The sea ch esul s
will be p ocessed
again (n = 61)
Fil e ing he lis o e e ences om a icles ha
will be he objec o esea ch (n= 61)
Sea ch esul (n = 0)
A icles ele an o his esea ch (n = 61)
a icles no in English and
jou nals no egis e ed wi h SJR
(n = 12)
Sou ce(s): Figu e c ea ed by au ho s
Figu e 1.
S ages o a icle sea ch
using he PRISMA
me hod
Nomina ion
and
emune a ion
commi ee
129

3. De ini ions and signi icance o s udying he nomina ion and emune a ion
commi ee
In his sec ion, we explain he de ini ion o a nomina ion and emune a ion commi ee and he
impo ance o s udying his commi ee.
3.1 De ini ions o commi ee nomina ions
The nomina ion and emune a ion commi ee is a commi ee unde he boa d asked wi h
assis ing he boa d conce ning he nomina ion and emune a ion unc ions o he boa d.
Nomina ions a e nomina ions o be appoin ed o a i m boa d, while emune a ion is
compensa ion gi en o he boa d because o hei posi ion. Table 1 p esen s de ini ions and
opinions ega ding he nomina ion and emune a ion commi ee.
3.2 The impo ance o s udying he nomina ion and emune a ion commi ee
Agency heo y is he dominan heo y used when discussing company boa ds and commi ees
(Alhossini e al.,2021;Ib ahim e al.,2022;Lu e al., 2022;Nguyen e al., 2020). Agency heo y
explains he exis ence o a con ac be ween he owne (p incipal) and manage (agen ) o
manage he company. Agen s will ecei e compensa ion in he o m o sala ies, bonuses,
acili ies and o he compensa ion om he owne . The p incipal ies o maximize his wel a e,
while he agen is in e es ed in mee ing his pe sonal needs by using company esou ces, o
wha is called oppo unis ic managemen beha io . The p incipal does no ha e enough
in o ma ion abou he agen ’s pe o mance. Agen s, as manage s, ha e mo e in o ma ion
abou he company. This is wha causes in o ma ion asymme y. To o e come his, agency
heo y o e s wo iews, namely by inc easing he supe iso y unc ion o by aligning he
in e es s o agen s and p inciples h ough emune a ion p og ams ha sa is y agen s so as o
a oid managemen ’s oppo unis ic beha io . The pa y whose job i is o moni o he
pe o mance o he boa d and he amoun o emune a ion hey a e en i led o ecei e is he
nomina ion and emune a ion commi ee, so he exis ence o his commi ee is e y impo an
in achie ing company goals. This is in acco dance wi h he opinion o Ha ymawan e al. (2020)
ha a highe le el o compensa ion will esul in highe company pe o mance because i will
educe agency cos s and in o ma ion asymme y. While Kanapa hippillai e al. (2016) ound
ha he emune a ion commi ee unc ions as an impo an co po a e go e nance mechanism
because o he po en ial epu a ion and li iga ion isks aced by membe s o he emune a ion
commi ee, making hem wo k e ec i ely o in luence he p epa a ion o he annual epo ,
which openly discloses hei ac ions on execu i e emune a ion, his ac ion will be conside ed
posi i ely by in es o s and egula o s.
Resou ce dependence heo y examines he bene icial impac o ha ing his commi ee
based on a esou ce pe spec i e. This heo y explains ha companies use a di e si y o
esou ces o achie e company goals (Lu e al., 2022). Lu e al. (2022) say he e a e wo
assump ions ela ed o esou ce dependency heo y, namely ha boa d composi ion is
in luenced by en i onmen al con ex and needs and ha di e en boa d composi ions will
p oduce di e en esul s. Meanwhile, P e e and Salancik (1978) explain he ole o he boa d
o di ec o s in a company om wo pe spec i es. The i s is he en i onmen al
in e connec edness pe spec i e, which explains ha boa d membe s wi h di e se
backg ounds will p o ide many esou ces o he company. The second pe spec i e
explains ha in e nal con ol and adminis a i e ac ions will a ec company e iciency. F om
he explana ion o he wo poin s o iew abo e, i can be concluded ha di e si y and he
igh numbe o boa d membe s will imp o e he quali y o company boa d esou ces, which
will suppo he achie emen o company goals. This is in acco dance wi h he opinion o
Kaczma ek e al. (2012), which s a es ha he nomina ion commi ee is asked wi h
nomina ing boa d membe s and ecommending he elec ion o di ec o s o he boa d, so his
JCMS
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130
commi ee plays an impo an ole in de e mining he composi ion and di e si y o he boa d,
planning elec ions and ensu ing ha he boa d will be s uc u ed app op ia ely in ca ying
ou i s du ies and unc ions.
Hu chinson e al. (2015) said he nomina ion commi ee is a anspa en and e icien
mechanism o examining, selec ing and appoin ing di ec o s by he company, aking in o
Type Opinion Resea che
Nomina ion The nomina ion commi ee should conce n he
company as i plays an essen ial ole in nomina ing
he igh membe s o he execu i e and boa d o
di ec o s and elimina ing ine ec i e boa d membe s
Kaczma ek e al. (2012)
Nomina ion The nomina ion commi ee is a commi ee ha is
esponsible o selec ing po en ial boa d membe s
and assessing exis ing boa d membe s, as well as
choosing he CEO who will be esponsible o he
company’s ope a ions
Chaudh y e al. (2020)
Nomina ion The main ask o his commi ee is o egula ly e iew
he composi ion o he boa d and make
ecommenda ions ega ding he appoin men o
quali ied candida es
Mans-Kemp and
Vi ie s (2019)
Remune a ion One o he du ies o he nomina ion and emune a ion
commi ee is o manage (e alua e and ecommend)
boa d compensa ion so ha he emune a ion
s uc u e (sala y, hono a ium, incen i es, and
bene i s) o di ec o s and execu i es has been
op imally de e mined o imp o e pe o mance and
educe agency cos s and in o ma ion asymme y
Ha ymawan e al.
(2020)
Remune a ion The emune a ion commi ee is asked wi h making
ecommenda ions o he boa d on he policy s uc u e
and all o ms o emune a ion o di ec o s and op
managemen , leading o he es ablishmen o a o mal
and anspa en p ocedu e o de eloping policies on
di ec o emune a ion
Nyambia and Hamdan
(2018)
Remune a ion The emune a ion commi ee is a commi ee ha has
an essen ial ole in suppo ing and ad ising he boa d
on ma e s ela ed o emune a ion ( o example, he
le el and composi ion o emune a ion, disclosu e o
emune a ion policies, and he p ocess o de e mining
emune a ion and pe o mance app aisal). So ha
he e is alignmen be ween he in e es s o
sha eholde s, execu i e pe o mance, and
emune a ion
Kanapa hippillai e al.
(2016)
Nomina ion and
compensa ion
(Remune a ion)
The nomina ion commi ee is asked wi h ensu ing
ha people wi h he bes skills, quali ica ions, and
expe ise will be esponsible o ac ing in he in e es s
o sha eholde s and imp o ing he company’s
inancial pe o mance o add alue o sha eholde s.
A he same ime, he compensa ion commi ee is
esponsible o boa d decisions ega ding he
paymen o sala ies, bonuses, commissions, and
p o i sha ing by conside ing he di ec o s’
quali ica ions, expe ise, and pas achie emen s in
designing emune a ion packages, along wi h he
company’s inancial cons ain s
Ash a e al. (2022)
Sou ce(s): Table c ea ed by au ho s
Table 1.
De ini ions and
opinions o he
nomina ion and
emune a ion
commi ee
Nomina ion
and
emune a ion
commi ee
131
accoun he skills, expe ience, expe ise and di e si y o he boa d, so ha his p ocess will
inc ease in es o con idence. Fu he mo e, he nomina ion commi ee mus also u ilize all i s
capabili ies and he company’s social en i onmen o ob ain quali y boa d membe s.
Edache ian e al. (2024) ound a link be ween he nomina ion and emune a ion commi ees o
companies in India, p o iding hem wi h access o human esou ces and in o ma ion
ega ding app op ia e incen i e s uc u es ha will imp o e pe o mance. So based on he
wo heo ies abo e, we conclude ha i is e y impo an o s udy he nomina ion and
emune a ion commi ee o maximize he alignmen o in e es s o he p incipal and agen
and o ha e supe io esou ces on he boa d o achie e company goals.
4. Dimensions o he nomina ion and emune a ion commi ee
The obse ed a ibu e o he nomina ion and emune a ion commi ee is he exis ence o a
commi ee (Bo lea e al., 2017;Eulaiwi e al., 2016;Ha ymawan e al., 2019;Hu chinson e al.,
2015;Kanapa hippillai e al., 2016;Ken e al., 2021;Puni and Anlesinya, 2020;Ruig ok e al.,
2006;Saha and Kab a, 2022), independen di ec o (boa d) p esence and commi ee
independence (Ash a e al., 2022;Eulaiwi e al., 2016;Ismail e al., 2020;Nyambia and
Hamdan, 2018;Vinjamu y, 2020), gende di e si y on he commi ee (Alkalbani e al., 2019;
Kaczma ek e al., 2012;Mans-Kemp and Vi ie s, 2019), di e si y o na ionali y and ace on he
commi ee (Kaczma ek e al., 2012;Mans-Kemp and Vi ie s, 2019;Ruig ok e al., 2006),
numbe o membe s and equency o commi ee mee ings (Appiah and Chizema, 2016;
Kanapa hippillai e al., 2016), expe ise, expe ience, moni o ing and independence o he
commi ee chai man (Chaudh y e al., 2020) and commi ee e ec i eness o quali y (Appiah
and Chizema, 2016;Kanapa hippillai e al., 2016,2019).
4.1 The exis ence o a nomina ion and emune a ion commi ee
Co po a e go e nance codes a ound he wo ld ecommend sepa a ing co po a e go e nance so
ha he nomina ion and emune a ion commi ees become s and-alone commi ees wi hin he
co po a e s uc u e. I is due o he o e whelming e idence o CEOs domina ing boa d membe s’
selec ion and e alua ion o hei pe o mance and emune a ion. This sepa a ion is necessa y
because i aligns he in e es s o owne s and managemen ; he nomina ion and emune a ion
commi ee main ains a epu a ion by ec ui ing di ec o s and boa ds who wo k e ec i ely and
make be e disclosu es ela ed o human esou ces (Saha and Kab a, 2022). The nomina ion
commi ee is a commi ee ha moni o s he boa d, so i is esponsible o p o iding in o ma ion
by p o iding independen iews o sha eholde s, especially ega ding nomina ions,
pe o mance e alua ion, emune a ion ecommenda ions and human esou ce a ai s o he
boa d. Due o he busyness o he execu i e and boa d in ol ed in he moni o ing unc ion,
ins i u ional in es o s and sha eholde s iew he nomina ion commi ee as an impo an signal
o he boa d’s abili y o build and main ain independence (Shi dasani and Ye mack, 1999).
The p esence o he nomina ion and emune a ion commi ee in se e al s udies shows
inc eased access o esou ces o educe agency cos s, imp o ing company pe o mance
(Ha ymawan e al., 2020;Vinjamu y, 2020), boa d gende di e si y (Hu chinson e al., 2015)
and CEO compensa ion and execu i e (Kanapa hippillai e al., 2016;Khan e al., 2023;Ya am
and Rice, 2017). Table 2 p esen s se e al s udies ela ed o he p esence o he nomina ion and
emune a ion commi ee.
4.2 The p esence o an independen di ec o o boa d and he independence o he
nomina ion and emune a ion commi ee
Co po a e go e nance egula ions a ound he wo ld sugges he p esence o independen
membe s on he nomina ion and emune a ion commi ees. I inc eases his commi ee’s
JCMS
8,1
132
Au ho Coun y Dependen a iable Independen a iable Resul
Saha and Kab a
(2022)
India olun a y disclosu e
index (VDI)
Nomina ion and
Remune a ion
Commi ee
The e is no
Signi ican
Shehadeh e al.
(2022)
Jo dan Capi al S uc u e Nomina ion and
Remune a ion
Commi ee
Nega i e no
signi ican
Vinjamu y (2020) India Tobin’sq
ROE
ROA
NPM
Nomina ion and
Remune a ion
Commi ee
Posi i e
Signi ican
Posi i e
Signi ican
Posi i e no
Signi ican
Posi i e no
Signi ican
Be ezine s e al.
(2017)
Russia Tobin’s q Komi e Nomina ion
and Remune a ion
Commi ee
Nega i e
Signi ican
Nguyen and
Sooba oyen (2022)
Uni ed
Kingdom
CEO Compensa ion Nomina ion and
Remune a ion
Commi ee
Posi i e
Signi ican
Fauzi e al. (2017) Indonesia Tobin’s q Nomina ion and
Remune a ion
Commi ee
Nega i e
Signi ican
Romano and
Gue ini (2012)
I aly Financial epo ing
aud
Nomina ion and
Remune a ion
Commi ee
Posi i e
Signi ican
Puni and Anlesinya
(2020)
Ghana Fi m pe o mance
(ROA, ROE, EPS,
Tobin’sq)
Nomina ion
Commi ee
Nega i e
Signi ican
Bo lea e al. (2017) Romania ROA
Tobin’sq
Nomina ion
Commi ee
Posi i e no
Signi ican
Nega i e no
Signi ican
Appiah e al. (2016) Ghana Gende di e si y Nomina ion
Commi ee
Posi i e no
Signi ican
Hu chinson e al.
(2015)
Aus alia Gende di e si y Nomina ion
Commi ee
Posi i e no
Signi ican
Ken e al. (2021) Aus alia Employee disclosu e Nomina ion
Commi ee
Posi i e
Signi ican
Ha ymawan e al.
(2020)
Indonesia Execu i e
Remune a ion
Di ec o Remune a ion
To al Remune a ion
ROA
Tobin’sq
ROE
Remune a ion
Commi ee
Posi i e
Signi ican
Nega i e no
Signi ican
Posi i e no
Signi ican
Posi i e
Signi ican
Posi i e
Signi ican
Posi i e no
Signi ican
Kang and Nanda
(2017)
India To al emune a ion
manage
Remune a ion
Commi ee
Posi i e no
Signi ican
(con inued)
Table 2.
Resea ch he p esence
o he nomina ion and
emune a ion
commi ee
Nomina ion
and
emune a ion
commi ee
133
mode a es PPS o all execu i e di ec o s’pay and CEO pay (N im e al., 2019). Al-Absy and
AlMaha i (2023) examine he mode a ing e ec o nomina ion commi ee e ec i eness. They
ound ha he e ec i eness o he nomina ion commi ee signi ican ly posi i ely mode a ed
he ela ionship be ween he equency o boa d mee ings and he numbe o emale di ec o s
and company pe o mance. Meanwhile, Jhunjhunwala and Sha da (2023) ound a nega i e
mode a ing impac o busy nomina ion and emune a ion commi ees and hei pa icipa ion
on he ela ionship be ween inno a ion and Tobin’s q. Based on he esea ch esul s abo e,
we d aw he conclusion ha he mode a ing e ec o he nomina ion and emune a ion
commi ee has a posi i e e ec on boa d pe o mance and company pe o mance.
6. O e all syn hesis and esea ch agenda
Exis ing esea ch on nomina ion and emune a ion commi ees has he po en ial o become
an impo an a ea in he s udy o co po a e go e nance. Howe e , he indings should
suppo he ope a ionaliza ion o boa d di e si y, compensa ion ( emune a ion) and
con lic ing indings and explo e a ious aspec s o nomina ion and emune a ion
commi ees ha ha e no ye been explo ed. Figu es 2–4show he au ho ’s coun y,
au ho s and esea ch e olu ion o he nomina ion and emune a ion commi ee. In his
pic u e, Spain is ep esen ed by au ho s such as Fe n
andez M
endez C., A ondo Ga c
ıa R. and
Fe n
andez Rod 
ıguez E. Fu he mo e, his esea ch o igina ing om Spain was con inued by
he Uni ed Kingdom (UK) wi h w i e s such as Collins G. N im, Sa ah Lindop, Dennis A.
Thomas, Hussein Abdoua and Kwaku K. Opong. This esea ch om Spain was also
con inued in India wi h au ho s such as Rama Sas y Vinjamu y, Shi al Jhunjhunwala and
Shwe a Sha da, as well as in he Uni ed A ab Emi a es wi h w i e Ta ek Roshdy
Abdelhalem Gebba. Malaysia, as a membe o he Associa ion o Sou heas Asian Na ions
(ASEAN), is he i s coun y o w i e on his heme wi h au ho s Mujeeb Sai Mohsen
Al-Absy, Ku No Izah Ku Ismail and Si asel i Chand en. Figu e 4 shows ha he hemes ha
domina e he nomina ion and emune a ion commi ee a e he boa d, independence,
composi ion, emune a ion, i m pe o mance, co po a e go e nance mechanisms and amily
i m co po a e go e nance. Figu es 5–7show he coun ies, au ho s and esea ch e olu ion o
he nomina ion commi ee and igu es 8–10 show he coun ies, au ho s and esea ch
e olu ion o he emune a ion commi ee. Table 3 shows he numbe o ci a ions om se e al
Figu e 2.
Coun y au ho ’s
nomina ion and
emune a ion
commi ee
JCMS
8,1
140

p e ious s udies, and Table 4 shows he e olu ion o nomina ion and emune a ion
commi ee esea ch publica ions as a whole.
Nex , we will p esen u u e esea ch oppo uni ies. We g oup hese esea ch
oppo uni ies in o: i s , he exis ence o a nomina ion and emune a ion commi ee;
second, he p esence o an independen di ec o o boa d and he independence o he
commi ee; hi d, di e si y in gende , na ionali y and ace (skin colo ); ou h, he numbe o
membe s and equency o mee ings; i h, he expe ise, expe ience, moni o ing and
independence o he commi ee chai man; six h, he e ec i eness o he nomina ion and
emune a ion commi ee and se en h, o he dimensions ha ha e no been esea ched
and a e c oss-coun y.
Figu e 3.
Au ho ’s nomina ion
and emune a ion
commi ee
Figu e 4.
E olu ion o
nomina ion and
emune a ion
commi ee esea ch
Nomina ion
and
emune a ion
commi ee
141
Fi s , o he exis ence o a nomina ion and emune a ion commi ee, we sugges compa ing
companies ha al eady ha e and do no ha e his commi ee, la ge and small companies, and
hen using his commi ee as a mode a o a iable o he ela ionship be ween boa d
di e si y and company pe o mance, inancial dis ess, bank up cy and di idend payou .
Second, we sugges ha u u e esea ch can use his commi ee independence as a mode a o
a iable o he ela ionship be ween boa d busyness and boa d emune a ion on company
pe o mance, bank up cy, inancial dis ess and di idend payou in amily and non- amily
companies and es he di ec ela ionship o commi ee independence o di e si y and boa d
independence in amily and non- amily companies. Thi dly, we ecommend esea ch o
examine he ela ionship be ween gende di e si y in he nomina ion and emune a ion
commi ee on company pe o mance, inancial dis ess, bank up cy isk and di idend payou
and make gende di e si y on his commi ee a mode a ing a iable o es he ela ionship
be ween boa d gende di e si y on company pe o mance, inancial dis ess, bank up cy isk
and di idend payou . Meanwhile, esea ch oppo uni ies o na ional di e si y in nomina ion
and emune a ion commi ee membe s a e o de e mine he e ec o na ional di e si y in
Figu e 5.
Coun y au ho ’s
nomina ion commi ee
Figu e 6.
Au ho ’s nomina ion
commi ee
JCMS
8,1
142
nomina ion and emune a ion commi ees on company pe o mance, inancial dis ess,
bank up cy isk, inno a ion and di idend payou . Fu he mo e, how does na ional di e si y
in nomina ion and emune a ion commi ees mode a e he ela ionship o boa d di e si y o
i m pe o mance, inancial dis ess, bank up cy isk, inno a ion and di idend payou ?
Fou hly, we ecommend examining he impac o he numbe o membe s and equency
o nomina ion and emune a ion commi ee mee ings on company pe o mance, inancial
dis ess, bank up cy isk and di idend payou . Fu he mo e, we can use he numbe o
membe s and equency o nomina ion and emune a ion commi ee mee ings as mode a o
a iables o he ela ionship be ween boa d di e si y and boa d emune a ion on company
pe o mance, inancial dis ess, bank up cy isk and di idend payou . Fi h, we sugges
in es iga ing he in luence o he expe ise, expe ience, moni o ing and independence o he
chai man o he nomina ion and emune a ion commi ee on i m pe o mance, inancial
dis ess, bank up cy isk, di idend payou , boa d di e si y, busyness and boa d
emune a ion. Fu he mo e, i can be used as a mode a o a iable o de e mine he e ec
Figu e 7.
E olu ion o
nomina ion commi ee
esea ch
Figu e 8.
Coun y au ho ’s
emune a ion
commi ee
Nomina ion
and
emune a ion
commi ee
143
o boa d di e si y and boa d emune a ion on company pe o mance, inancial dis ess,
bank up cy isk and di idend payou . Six h, u u e esea ch oppo uni ies a e o examine he
e ec i eness o he nomina ion and emune a ion commi ee on company pe o mance,
inancial dis ess, bank up cy isk, di idend payou , boa d di e si y and boa d
emune a ion. Fu he mo e, he e ec i eness o his commi ee can be used as a mode a o
a iable ha es s he e ec o boa d di e si y and boa d emune a ion on company
pe o mance, inancial dis ess, bank up cy isk and di idend payou .
Se en h, u u e esea che s can s udy he e ec s o commi ee di e si y ha a e a ely
s udied; we ound his in boa d di e si y, bu we es ima e i can be used in he di e si y o
nomina ion and emune a ion commi ees, such as he ace and e hnici y o boa d membe s
Figu e 9.
Au ho ’s emune a ion
commi ee
Figu e 10.
E olu ion o
emune a ion
commi ee esea ch
JCMS
8,1
144
Au ho Ti le
Ci a ion
Scopus Schola
Conyon and Peck (1998) Boa d Con ol, Remune a ion Commi ees, and Top
Managemen Compensa ion
462 1,219
Shi dasani and
Ye mack (1999)
CEO In ol emen in he Selec ion o New Boa d Membe s: An
Empi ical Analysis
708 1894
Ruig ok e al. (2006) The de e minan s and e ec s o boa d nomina ion
commi ees
117 309
Kaczma ek e al. (2012) An eceden s o Boa d Composi ion: The Role o Nomina ion
Commi ees
73 155
Hu chinson e al. (2015) Who selec s he “ igh ”di ec o s? An examina ion o he
associa ion be ween boa d selec ion, gende di e si y and
ou comes
93 190
Kanapa hippillai e al.
(2016)
Remune a ion commi ee e ec i eness and na a i e
emune a ion disclosu e
19 39
Appiah and Chizema
(2016)
The impac o boa d quali y and nomina ion commi ee on
co po a e bank up cy
12 30
Appiah e al. (2016) Nomina ion commi ee-boa d gende di e si y nexus in
Ghana
612
Eulaiwi e al. (2016) Mul iple di ec o ships, amily owne ship and he boa d
nomina ion commi ee: In e na ional e idence om he GCC
42 57
Be ezine s e al. (2017) Boa d s uc u e, boa d commi ees and co po a e
pe o mance in Russia
26 50
Ya am and Rice (2017) Execu i e compensa ion among Aus alian mining and non-
mining i ms: Risk aking, long and sho - e m incen i es
210
Al-Absy e al. (2018) Boa d Chai men’s In ol emen in he Nomina ion and
Remune a ion Commi ees and Ea nings Managemen
16 24
Mans-Kemp and Vi ie s
(2019)
The ole o nomina ion commi ees in di e si ying boa ds in
an eme ging ma ke con ex
12 21
N im e al. (2019) Execu i e pay and pe o mance: he mode a ing e ec o
CEO powe and go e nance s uc u e
66 138
Puni and Anlesinya
(2020)
Co po a e go e nance mechanisms and i m pe o mance in
a de eloping coun y
69 216
Chaudh y e al. (2020) Impac o expe ise o audi commi ee chai and nomina ion
commi ee chai on inancial pe o mance o i m
24 60
Ha ymawan e al. (2020) Remune a ion commi ees, execu i e emune a ion, and i m
pe o mance in Indonesia
16 38
Gai e al. (2021) Boa d design and go e nance ailu es a pee i ms 4 10
Ash a e al. (2022) Does boa d commi ee independence a ec inancial dis ess
likelihood? A compa ison o China wi h he UK
816
Saha and Kab a (2022) Co po a e go e nance and olun a y disclosu e: e idence
om India
10 22
Iannuzzi e al. (2023) Nomina ion commi ee cha ac e is ics and exposu e o
en i onmen al, social and go e nance (ESG) con o e sies:
e idence om Eu opean global sys emically impo an
banks
26
Van Zyl and Mans-
Kemp (2023)
Inside pe spec i es on di ec o emune a ion go e nance
delibe a ions
11
Fulgence e al. (2023) Boa d E ec and he Mode a ing Role o CEOs/CFOs on
Co po a e Go e nance Disclosu e: E idence om Eas A ica
03
Lagasio e al. (2023) May boa d commi ees educe he p obabili y o inancial
dis ess? A su i al analysis on I alian lis ed companies
03
Edache ian e al. (2024) Connec ing he igh kno s: The impac o boa d commi ee
in e locks on he pe o mance o Indian i ms
01
Sou ce(s): Table c ea ed by au ho s
Table 3.
Ci a ion o a icles on
nomina ion and
emune a ion
commi ees
Nomina ion
and
emune a ion
commi ee
145

Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Conyon and Peck
(1998)
USA How is he o e sigh ole o he
boa d and emune a ion
commi ee in de e mining
managemen compensa ion?
Quan i a i e me hod wi h a
sample o he Financial Times
op 100 companies by ma ke
alue in he UK du ing 1991–
1994
Top managemen pay and
company pe o mance a e mo e
closely aligned in companies
wi h ou side -domina ed boa ds
and emune a ion commi ees
Agency heo y and
social compa ison
heo y
Shi dasani and
Ye mack (1999)
USA Does CEO in ol emen in he
selec ion o new di ec o s a ec
he na u e o boa d
appoin men s?
Quan i a i e me hods wi h
Fo une 500 non- inancial
companies du ing 1994–1995
When he CEO se es on a
nomina ing commi ee o he e
is no nomina ing commi ee,
companies appoin ewe
independen ou side di ec o s
and mo e ou side s who ha e
con lic s o in e es
Agency heo y
Ruig ok e al.
(2006)
Swi ze land Wha impac does he exis ence
o a nomina ion commi ee and
i s composi ion ha e on boa d
independence and boa d
demog aphic di e si y?
Quan i a i e me hod, wi h a
sample o 210 Swiss public
companies om 2001 o 2003
Companies ha ha e
nomina ion commi ees end o
ha e a highe numbe o
independen and o eign
di ec o s. The composi ion o
he nomina ion commi ee is
impo an in he nomina ion o
independen and o eign
di ec o s
Agency heo y,
esou ce dependence
heo y, and g oup
e ec i eness heo y
Kaczma ek e al.
(2012)
UK Does he di e si y o
nomina ion commi ees
(gende and na ionali y) a ec
he di e si y (gende and
na ionali y) o co po a e
boa ds?
Quan i a i e me hod wi h a
sample o companies lis ed on
he Financial Times and
London S ock Exchange
(FTSE) 350 du ing 1999–2008
The inc eased p esence o
women and non-B i ish
na ionals on nomina ions
commi ees will ha e a posi i e
impac on he le el o gende
di e si y and na ionali y on he
boa d. The CEO on he
nomina ing commi ee in e ac s
wi h he independence o his
commi ee, he eby exposing
boa d demog aphic aul lines
Social iden i y heo y
(con inued)
Table 4.
E olu ion o
nomina ion and
emune a ion
commi ee esea ch
publica ions
JCMS
8,1
146
Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Hu chinson e al.
(2015)
Aus alia Does he p esence o a
designa ed nomina ion
commi ee and he
ep esen a ion o women on he
nomina ion commi ee a ec
gende di e si y on he boa d?
A quan i a i e me hod wi h a
sample o he op 500
companies lis ed in Aus alia
in 2007 and 2011
Gende di e si y on he boa d is
signi ican ly and posi i ely
associa ed wi h he p esence o
an appoin ed nomina ion
commi ee, and women’s
ep esen a ion on he
nomina ion commi ee is a
signi ican explana o y ac o in
inc easing gende di e si y on
he boa d
Agency Theo y,
s akeholde heo y,
Social iden i y heo y,
and esou ce
dependence heo y
Kanapa hippillai
e al. (2016)
Aus alia Wha is he impac o he
e ec i eness o he
emune a ion commi ee on
na a i e olun a y disclosu e
o in o ma ion on
emune a ion?
Quan i a i e me hod, wi h 673
obse a ions o Aus alian
companies du ing 2007–2011
The exis ence and quali y o a
emune a ion commi ee play
an impo an ole in he decision
o p o ide olun a y disclosu e
ega ding emune a ion
measu es and he ex en o his
disclosu e
Agency Theo y
Appiah and
Chizema (2016)
Ghana and UK How boa d quali y in luences
he ela ionship be ween
co po a e bank up cy and
nomina ion commi ee
e ec i eness?
Quan i a i e me hod, wi h
1,835 i m-yea obse a ions
o 98 bank up and 269 non-
bank up UK-lis ed non-
inancial i ms be ween 1994
and 2011
Nomina ion commi ee
e ec i eness has a nega i e
impac on co po a e
bank up cy, and he in e ac ion
o boa d quali y and nomina ion
commi ee e ec i eness has a
signi ican nega i e
ela ionship wi h co po a e
bank up cy
Agency heo y and
esou ce dependence
heo y
(con inued)
Table 4.
Nomina ion
and
emune a ion
commi ee
147
Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Eulaiwi e al. (2016) Aus alia dan
Oman
Wha is he ela ionship
be ween ou side boa d
di ec o ship and amily
owne ship concen a ion?
Quan i a i e me hod, wi h
1,091 i m-yea obse a ions
o non- inancial publicly lis ed
i ms om Gul Coope a ion
Coun ies (GCC) du ing he
2005–2013 pe iod
The e is a posi i e ela ionship
be ween amily owne ship and
he numbe o ou side
di ec o ships held by boa d
membe s. The exis ence o a
nomina ing commi ee and he
quali y and cha ac e is ics o i s
membe ship supp ess he
posi i e ela ionship be ween
ou side di ec o ship and amily
owne ship
Agency heo y ype 2
and ins i u ion-based
heo ies
Be ezine s e al.
(2017)
Russia Wha is he ela ionship
be ween boa d s uc u e and
company pe o mance?
Quan i a i e me hod, wi h a
sample o 207 Russian
companies du ing he pe iod
2007–2011
Posi i e ela ionship be ween
Tobin’s q and gende di e si y
on boa ds. The e is no empi ical
e idence ega ding signi ican
di e ences in Tobin’sq alues
be ween companies ha ha e
nomina ions and emune a ion
o companies ha do no ha e
his commi ee
Agency heo y and
esou ce dependence
heo y
(con inued)
Table 4.
JCMS
8,1
148
Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Ya am and Rice
(2017)
Aus alia How does he company
de e mine he sala ies o i s
execu i e employees?
Quan i a i e me hod wi h a
sample o 129 mining
companies and 332 non-
mining companies o he
esea ch pe iod 2005–2013
Mining companies pay CEOs
less o e all han non-mining
companies. The emune a ion
commi ee has a signi ican
posi i e e ec on he o al sala y
o mining companies and an
insigni ican posi i e e ec on
non-mining companies. The
emune a ion commi ee
mode a es he in luence o
ma ke capi al on o al sala y in
a signi ican ly nega i e way in
mining companies bu no
signi ican ly in non-mining
companies. When CEOs a e on
emune a ion commi ees, hey
educe he pay and pe o mance
sensi i i y o long- e m
incen i e pay a non-mining
companies
Op imal con ac ing
heo y
(con inued)
Table 4.
Nomina ion
and
emune a ion
commi ee
149
Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Iannuzzi e al.
(2023)
I aly Whe he he cha ac e is ics o
he nomina ion commi ee can
se e as key a ibu es o
educe ESG dispu es and
whe he he composi ion o he
nomina ion commi ee
in luences he appoin men o
ESG- iendly di ec o s o he
boa d
Quan i a i e me hod wi h a
sample o 30 sys emically
impo an global banks om
2015 o 2021
A bank’s exposu e o ESG
con o e sies can be educed
when nomina ing commi ee
membe s ha e a leas one
commi ee membe who is a
membe o he sus ainabili y
commi ee and a o eign
di ec o . ESG dispu es in banks
a e educed when nomina ion
commi ee membe s a e
younge , while he numbe o
independen membe s has a
nega i e impac . The e is a
posi i e in luence on he
composi ion o he nomina ion
commi ee and he
cha ac e is ics o i s membe s,
as well as he appoin men o
ESG- iendly di ec o s on he
boa d
Agency heo y and
esou ce dependence
heo y
(con inued)
Table 4.
JCMS
8,1
156

Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Van Zyl and Mans-
Kemp (2023)
Sou h A ica Wha a e he pe spec i es o
asse manage s and lis ed
inancial se ices companies in
Sou h A ica on he impac o
o ing and engagemen on
di ec o pay policies and
p ac ices?
Quali a i e me hod wi h semi-
s uc u ed in e iews
conduc ed wi h asse
manage s, CEOs, chie
inancial o ice s, and
emune a ion commi ee
membe s om lis ed inancial
se ices companies in Sou h
A ica
Mos asse manage s and
inancial se ices
ep esen a i es p e e p oac i e
p i a e in ol emen in pay
issues, gi en i s impac on
o ing ou comes and,
ul ima ely, di ec o
emune a ion p ac ices and
policies. The independen
emune a ion commi ee has an
impo an ole in acili a ing
ela ionships wi h in es o s o
ensu e ai emune a ion
Agency Theo y
(con inued)
Table 4.
Nomina ion
and
emune a ion
commi ee
157
Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Fulgence e al.
(2023)
UK Wha is he in luence o boa d
size and boa d independence,
as well as he in e ac ion e ec
be ween boa d independence
and CEO/CFO, on co po a e
go e nance disclosu e
p ac ices?
Quan i a i e me hod wi h
1,000 annual obse a ions o
companies om 2007 o 2017
in Eas A ica
La ge boa ds and independen
di ec o s a e associa ed wi h
g ea e CG in o ma ion
disclosu e. CEO/CFO powe
nega i ely mode a es he
ela ionship be ween boa d
independence and co po a e
go e nance disclosu e, bu no
in en i onmen s wi h s onge
ins i u ions and co po a e
go e nance sys ems.
Companies whose CEOs and
CFOs a e in ol ed in
emune a ion o nomina ion
commi ees disclose less CG
in o ma ion. The combined
e ec o he CEO and CFO on
he nomina ion and
emune a ion commi ee and
he independen boa d in
educing co po a e disclosu e
appea s o be mo e p onounced
in he pos - inancial c isis
pe iod compa ed o he c isis
pe iod
Agency heo y
(con inued)
Table 4.
JCMS
8,1
158
Au ho Nega a asal Resea ch ques ion Resea ch me hod Resul Theo y
Lagasio e al.
(2023)
I aly and F ance Wha is he in luence o he
composi ion and unc ion o
boa d commi ees on a
company’s inancial
di icul ies?
Quan i a i e me hod wi h a
sample o 273 lis ed companies
in I aly du ing 2004–2017
Non-execu i e membe s on he
emune a ion and audi
commi ees, as well as mo e
emune a ion commi ee
mee ings, can inc ease company
s abili y. In con as , a high
equency o nomina ing
commi ee mee ings appea s o
be posi i ely associa ed wi h
he likelihood o inancial
dis ess
Agency heo y
Edache ian e al.
(2024)
Uni ed A ab
Emi a es,
Ne he lands
and India
Wha is he ela ionship
be ween boa d in e locks and
co po a e pe o mance, which
is oo ed in di e en
pe spec i es on he ole o he
boa d o di ec o s?
Quan i a i e me hod wi h
5,133 annual obse a ions o
non- inancial companies in
India du ing 2014–2018
In e locks be ween audi
commi ees a e nega i ely
ela ed o i m pe o mance. In
con as , in e locks be ween he
nomina ion and emune a ion
commi ees o Indian i ms a e
posi i ely ela ed o
pe o mance
Agency heo y and
esou ce dependence
heo y
Sou ce(s): Table c ea ed by au ho s
Table 4.
Nomina ion
and
emune a ion
commi ee
159
(Johnson e al., 2013), he disabili y o boa d membe s and he language used by boa d
membe s (Piekka i e al., 2015), eligion and educa ion o boa d membe s (commi ee) (Çe in,
2021;DasGup a and Pa hak, 2022;Lu and Wu, 2020), age and membe ship on o he
commi ees (Iannuzzi e al., 2023) expe ience in he indus y, expe ience as a boa d membe
and expe ience in he ield o human esou ces. This di e si y can also be used o build
measu emen s o he e ec i eness o nomina ion and emune a ion commi ees. Se e al
esea che s ha e summa ized boa d di e si y and a ibu es, which will acili a e u he
esea ch (Lu e al., 2022;Nguyen e al., 2020).
Fu u e esea ch can also use new a iables ha ha e been associa ed wi h boa d
di e si y, such as g eenhouse gas (GHG) (C ich on e al., 2021;Tingbani e al., 2020), clima e
change (C ich on e al., 2021), en i onmen al inno a ion (Fa za e al., 2022), ca bon emission
and disclosu e (Elleuch Lahyani, 2022;Fan e al., 2023), en i onmen al, social and go e nance
(ESG) (Menicucci and Paolucci, 2023;Wu e al., 2024;Yada and P asha , 2023), in es men
e iciency (Mi za e al., 2020;T an Phuong e al., 2022;Ullah e al., 2020a,b) and ea ning
managemen (O azalin, 2019;Sial e al., 2019;Ullah e al., 2023). We also sugges c ossing
coun ies so ha he esea ch has a b oade impac . We ag ee wi h p e ious sys ema ic
li e a u e e iew (SLR) esea ch (Ala awi e al., 2023;Alhossini e al., 2021;Lu e al., 2022;
Nguyen e al., 2020) ha ou indings a e domina ed by quan i a i e esea ch. Fo his eason,
we ecommend ha u he esea ch use mixed me hods and quali a i e me hods. Table 5
p esen s u u e esea ch oppo uni ies.
7. Conclusion
The main aim o his esea ch is o e iew in dep h he nomina ion and emune a ion
commi ee. We iden i y wha is known and no known abou hese commi ees a ound he
wo ld. We e iew heo e ical and empi ical s udies ela ed o he o ma ion o hese
commi ees and hei con ibu ion o he i m. Nomina ion and emune a ion commi ees a e
an in e es ing and impo an a ea o esea ch in co po a e go e nance because hey a e
esponsible o appoin ing and e alua ing boa d pe o mance and ecommending boa d
emune a ion. This esea ch analyzes 61 s udies in a ious coun ies o e he pas 26 yea s
om highly epu able in e na ional jou nals and quali y publishe s.
Ou esea ch con ibu es o he opic o nomina ion and emune a ion commi ees
because: i s , ou e iew includes he de ini ion o nomina ion and emune a ion commi ees,
he ope a ionaliza ion o commi ees, empi ical indings and ecommenda ions o u u e
esea ch. Second, we summa ize e e y hing ela ed o he s uc u e and cha ac e is ics o
nomina ion and emune a ion commi ees. We ind ha hese commi ees imp o e boa d
pe o mance and company pe o mance. Finally, we ecommend se en nomina ion and
emune a ion commi ee opics o u u e esea ch. We ound om se e al pape s ha he e
a e s ill many coun ies ha ha e no equi ed he o ma ion o his commi ee, so companies
in hese coun ies ha e no ye o med his commi ee. The e o e, ou li e a u e e iew also
makes a con ibu ion o companies, egula o s and in es o s. Fo egula o s and companies,
his esea ch p o ides inpu o c ea e a egula ion ha equi es companies o o m his
commi ee because we ound so many bene i s. Meanwhile, in es o s should choose a
company ha has his commi ee as a place o in es .
Ou li e a u e e iew has limi a ions, namely ha we only e iew a icles lis ed in he
Scopus da abase sea ch. Fo his eason, we ecommend ha u he e iews be combined
wi h o he la ge da abases such as EBSCOhos , Eme ald Insigh , Web o Science,
ScienceDi ec , Sp inge Link, Wiley Online Lib a y and Google Schola . We hope ha his
li e a u e e iew can help a ious pa ies unde s and he s a e o a ai s and exis ing
esea ch ega ding nomina ion and emune a ion commi ees.
JCMS
8,1
160
Resea ch oppo uni ies Sugges ed esea ch ques ions
P esence o he Nomina ion and Remune a ion
Commi ee
How was he company’s pe o mance be o e and a e
o ming he nomina ion and emune a ion commi ee?
How is he pe o mance o companies ha o m and
do no o m nomina ion and emune a ion commi ees
in la ge and small companies?
Does he nomina ion and emune a ion commi ee
mode a e he e ec o boa d di e si y on company
pe o mance, inancial dis ess, bank up cy, and
di idend payou ?
The p esence o an independen di ec o o boa d and
he independence o he nomina ion and
emune a ion commi ee
Does he independence o he nomina ion and
emune a ion commi ee mode a e he in luence o he
boa d’s busyness on company pe o mance, inancial
dis ess, bank up cy, and di idend payou ?
Does he independence o he nomina ion and
emune a ion commi ee mode a e he e ec o boa d
emune a ion on company pe o mance, inancial
dis ess, bank up cy, and di idend payou ?
Does he independence o nomina ion and
emune a ion commi ees a ec he di e si y and
independence o boa ds in amily and non- amily
companies?
Di e si y o gende , na ionali y, and ace (skin colo )
in he nomina ion and emune a ion commi ee
How does he gende di e si y o he nomina ion and
emune a ion commi ee a ec company
pe o mance, inancial dis ess, bank up cy, and
di idend payou ?
Does gende di e si y in he nomina ion and
emune a ion commi ee mode a e he e ec o boa d
gende di e si y on company pe o mance, inancial
dis ess, bank up cy, and di idend payou ?
How does na ional di e si y on he nomina ion and
emune a ion commi ee a ec company
pe o mance, inancial dis ess, bank up cy isk,
inno a ion, and di idend payou ?
Does na ional di e si y on he nomina ion and
emune a ion commi ee mode a e he e ec o boa d
di e si y and boa d emune a ion on company
pe o mance, inancial dis ess, bank up cy isk,
inno a ion, and di idend payou ?
Numbe o membe s, Numbe o nomina ion and
emune a ion commi ee mee ings
How do he numbe o membe s and nomina ions and
equency o emune a ion commi ee mee ings a ec
company pe o mance, inancial dis ess, bank up cy
isk, di idend payou , boa d di e si y, and boa d
emune a ion?
Does he numbe o membe s and equency o
nomina ion and emune a ion commi ee mee ings
mode a e he e ec o boa d di e si y and boa d
emune a ion on company pe o mance, inancial
dis ess, bank up cy isk, and di idend payou ?
(con inued)
Table 5.
Sugges ed esea ch
oppo uni ies and
ques ions
Nomina ion
and
emune a ion
commi ee
161

Resea ch oppo uni ies Sugges ed esea ch ques ions
Expe ise, expe ience, moni o ing, and independence
o he chai man o he nomina ion and emune a ion
commi ee
How do he expe ise, expe ience, moni o ing, and
independence o he chai man o he nomina ion and
emune a ion commi ee a ec company
pe o mance, inancial dis ess, bank up cy isk,
di idend payou , boa d di e si y, boa d ac i i y, and
boa d emune a ion?
Do he expe ise, expe ience, moni o ing, and
independence o he chai man o he nomina ion and
emune a ion commi ee mode a e he e ec o boa d
di e si y and boa d emune a ion on company
pe o mance, inancial dis ess, bank up cy isk, and
di idend payou ?
The e ec i eness o he nomina ion and
emune a ion commi ee
How does he e ec i eness o he nomina ion and
emune a ion commi ee a ec company
pe o mance, inancial dis ess, bank up cy isk,
di idend payou , boa d di e si y, and boa d
emune a ion?
Does he e ec i eness o he nomina ion and
emune a ion commi ee mode a e he e ec o boa d
di e si y and boa d emune a ion on company
pe o mance, inancial dis ess, bank up cy isk, and
di idend payou ?
O he dimensions and ac oss coun ies How does di e si y in ace and e hnici y, disabili y,
language, eligion, age, educa ion, indus y
expe ience, expe ience as a boa d membe , and
membe ship on o he commi ees a ec company
pe o mance, inancial dis ess, bank up cy isk,
di idend payou , boa d di e si y, boa d busyness,
and boa d emune a ion?
Does ace and e hnici y, disabili y, language, eligion,
age, educa ion, expe ience in indus y, expe ience as a
boa d membe , and membe ship on o he commi ees
mode a e he e ec o boa d di e si y and
emune a ion on company pe o mance, inancial
dis ess, bank up cy isk, and di idend pay?
Does he nomina ion and emune a ion commi ee
a ec clima e change, g eenhouse gases, ca bon
emission disclosu e, en i onmen al inno a ion,
in es men e iciency, and ea ning managemen ?
Does he nomina ion and emune a ion commi ee
mode a e he impac o boa d di e si y on clima e
change, g eenhouse gases, ca bon emission
disclosu e, en i onmen al inno a ion, en i onmen al,
social, and go e nance (ESG) in es men e iciency,
and ea nings managemen ?
We also sugges making compa isons be ween
coun ies and conduc ing c oss-coun y esea ch so
ha he esea ch has a mo e b oad impac
Sou ce(s): Table c ea ed by au ho s
Table 5.
JCMS
8,1
162
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and
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