Compensation disclosure: Who wins?

In 1993, the Ontario Securities Commission issued a mandate requiring all firms listed on the Toronto Stock Exchange to disclose the compensation plans for each of their 10-5 paid executives. The OSC ruling made the disclosure of executive compensation in Canada a reality. The requirements, similar to those in the US, were expected to change the compensation/performance relationship, as shareholders sought to maximize value. A discussion as to whether either shareholders or executives in fact won is presented.