A study of proxy statements for 147 banking companies shows a strong correlation between bank performance and senior executive pay in 1993, and it suggests directors played key roles in enforcing this discipline.

The banking company findings emerged as part of an Ernst & Young examination of proxy statements detailing 1993 senior executive compensation at 661 companies in five industry groups. In addition to banking companies, the study looked at major companies in biotechnology, high technology, insurance, and manufacturing.

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