The use of non-financial performance metrics in determining directors’ remuneration: The case of listed companies in South Africa

  • Reon Matemane University of Pretoria
  • Tankiso Moloi University of Johannesburg
  • Michael Adelowotan University of Johannesburg
  • Pallab Kumar Biswas University of Otago


Despite the increasing importance of environmental, social and governance (ESG) factors, it is not fully understood whether companies consider these factors when designing compensation plans for their directors. This study investigated the extent to which directors’ remuneration integrates ESG factors.  The study sample is made up of JSE-listed companies for the period 2015 to 2021. The estimated generalised least squares regression technique was used to analyse the data. The results show the shift towards the integration of ESG factors in directors’ compensation plans. It should be established which ESG factors are pertinent in the South African context.


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Author Biographies

Reon Matemane, University of Pretoria
Department of Financial Management, University of Pretoria
Tankiso Moloi, University of Johannesburg
Johannesburg Business School
Michael Adelowotan, University of Johannesburg
Department of Accountancy, University of Johannesburg
Pallab Kumar Biswas, University of Otago
Department of Accountancy and Finance, University of Otago, Dunedin