Table 2.

Descriptive statistics.

Variable	Number of Observations	Mean	Standard Deviation	Minimum	Maximum
Annual CEO pay (thousand euros)	243	1,487.769	29,336.24	31	241,919
Relative annual increase of CEO pay	243	0.067	0.9376	−0.966	6.2711
Proportion of dissent say on may vote	329	0.028	0.0758	0	0.0933
Proportion of board female directors	243	0.115	0.1036	0	0.5
Proportion of audit committee female directors	236	0.132	0.1730	0	0.6666
Proportion of remuneration committee female directors	213	0.112	0.1720	0	0.8
Proportion of proprietary board female directors	243	0.05	0.0775	0	0.3846
Proportion of executive board female directors	243	0.007	0.0310	0	0.2222
Proportion of independent board female directors	243	0.058	0.0797	0	0.5
Female directors presence (board)	243	0.712	0.4537	0	1
Proprietary female directors presence (board)	243	0.387	0.4880	0	1
Executive female directors presence (board)	243	0.058	0.2334	0	1
Independent female directors presence (board)	243	0.399	0.4907	0	1
Proportion of equity and option based CEO pay	243	0.103	0.3648	0	2.7663
Proportion of board independent directors	243	0.335	0.1747	0	0.8888
Board size	243	11.49	4.717	1	36
Remuneration committee size	213	4.333	1.7174	1	12
Audit committee size	243	4.097	1.5419	1	12
Total assets (thousand euros)	243	3,596,727	7,753,106	12,039.73	5.01E + 07
Return on assets	243	0.035	0.1213	−0.428	0.3614
Annual market return	243	0.1	0.4898	−0.823	2.0217
Book to market ratio	243	1.884	2.7633	−1.138	22.129