Contrary to expectations, using data collected from 193 U.S. publicly traded companies in the manufacturing, transportation, minerals, and financial services sectors, Boyd (1994) found found that insider ratio was negatively associated with CEO compensation. Lambert et al. (1993) also document a positive association between CEO compensation and the percentage of independent directors on the board and the percentage of board composition. However, Finkelstein and Hambrick (1989), using a sample of data collected on the CEOs of companies listed under the heading "Leisure" in the Forbes annual reports on American industry, in the years 1971, 1976, 1982 and 1983, found that the CEO's remuneration is not linked to the quota of independent directors. Randoy and Nielsen (2002) studied the association between CEO compensation, corporate governance structures, and corporate performance in Sweden and Norway in 1998, using data collected from 120 Norwegian companies and 104 publicly traded Swedish companies. Statistical evidence established from cross-sectional data indicates that there is a positive association between CEO compensation and board size, ownership of non-independent directors and CEO compensation, market value of shares outstanding of the Company and the remuneration of the CEO. However, they failed to establish a CEO compensation association. Core et al (1999) also carried out a study