Transparency & Disclosure of Executive Compensation in Quoted Nigerian Insurance Companies

Executive compensation disclosure is essential as various interested parties require it as a critical input in decision-making. This paper surveys the transparency surrounding executive compensation disclosure in the Nigerian insurance industry. The study relied on the transparency disclosure index, developed by conducting a qualitative content analysis on extant corporate governance guidelines issued by regulatory bodies and the annual reports of the quoted insurance companies from 2020 to 2022. The survey outcome shows an average transparency disclosure score of 35%, reflecting the low level of transparency around executive compensation in the Nigerian private sector, generally and particularly in the insurance sector. Therefore, relevant regulatory bodies must take steps to enforce existing sanctions around the transparency of executive compensation.