The total annual remuneration of persons occupying C-suite positions in Malta increased by an average of 25 per cent over a period of two years, according to misco’s 6th edition of its Executive and Board Remuneration Report.
The report, which has just been published, aims to equip companies with valuable insights into the remuneration components awarded to directors and persons in C-suite positions locally.
The data was obtained from companies listed on the Malta Stock Exchange, licensed companies, and large companies.
misco’s Executive and Board Remuneration Report may prove useful to organisations seeking to design and sustain an effective remuneration framework for top-tier positions, ensuring that their reward policies and practices remain both practical and relevant in today’s dynamic labour market.
“As companies seek to improve their corporate governance, greater reliance is being placed on a remuneration committee to set the tone for the compensation of their directors and senior management. Such a remuneration committee would usually be made up of independent directors and / or non-executive directors,” said Lawrence Zammit, director of misco.
According to Mr Zammit, the remuneration committee is crucial for ensuring that the reward policy is designed to attract and retain top talent, align with the business strategy, reinforce a distinctive organisational culture, and maintain propriety in reward distribution.
“There is no universal approach to design and structure rewards and remunerations in a way that fits all organisational circumstances. While organisations must adopt a multi-faceted approach to determine pay structures and develop fair and competitive remuneration policies to attract the desired talent, access to robust, up-to-date market information like this new report is essential in achieving this objective,” said Mr Zammit.
He also noted that many companies are now subject to increased scrutiny by regulatory authorities, necessitating greater transparency and governance.
“This shift is driving higher levels of specialisation in certain roles, a shortage of experienced professionals, and therefore, higher remuneration packages,” he concluded.
The report may be acquired here.
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