Características de governança corporativa e os determinantes do nível de transparência da remuneração por meio de opções de ações

Abstract

Executive compensation through Stock Options has been considered a mechanism capable of aligning the interests of managers and the long-term objectives of shareholders. Nevertheless, studies into possible problems associated with the use of stock options in executive compensation have corroborated the idea that executive compensation is not merely an incentive mechanism, but also part of the agency problem in itself. The accounting frauds that have occurred in the North-American market have produced even greater caution in relation to its use and, internationally, this is reflected an increase in the number of demands for disclosure of such plans. Between the years 2006 and 2007 the number of listed companies in Brazil that used Stock Options plans to compensate their executives grew significantly, but the regulations regarding the disclosure of such plans failed to accompany that growth. Until the end of 2007, only Notification nr. 01/2007 from the Brazilian Securities Exchange Commission (Comissão de Val