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Governuity, Johan Grundlingh on executive compensation governance

Someone has to say it.
Most boards are committing the three deadly sins of executive compensation.

This site names them publicly. Twenty-five years inside remuneration committees. Three mistakes, visible in many annual reports, repeating year after year.
Johan Grundlingh
Johan Grundlingh Senior Accredited Director · Former Towers Perrin
Free interactive tool · Carrots Grade diagnostic

Is your CEO overpaid?

A directional Carrots Grade check. Size, industry, scope, and listed status derive your grade. The grade drives the market comp benchmark. Everything updates live.

Step 01 · Company profile
The inputs that determine Carrots Grade.
Base + STI target + LTI grant value. The calculator does not ask you to guess a percentile, it computes one.
Step 02 · Performance vs peers
Two lenses. Absolute and risk-adjusted.

P0 = bottom of peer set, P100 = top. Two groups: absolute basis for the raw comparison, risk-adjusted basis for the view that drives the verdict.

Absolute basis
Revenue vs peer group
P50
Revenue growth 3-year CAGR vs peers
P50
Operating profit (EBIT) vs peer group
P50
Operating profit growth 3-year CAGR vs peers
P50
ROIC return on invested capital vs peers
P50
ROE return on equity vs peers
P50
TSR 3-year total shareholder return vs peers
P50
Risk-adjusted basis
ROIC vs WACC spread return on invested capital beats weighted average cost of capital
P50
ROE vs Cost of Equity spread return on equity beats cost of equity
P50
TSR vs Cost of Equity shareholder return beats cost of equity
P50

Note. The risk-adjusted basis drives the verdict. The absolute basis is shown for context only.

Step 03 · Carrots Grade verdict
Market comp, derived.
Carrots Grade
·
Base salary·
Bonus target·
LTI grant·
Market comp (adjusted)·
Industry, scope, and listed status factors applied automatically.
The verdict
·
Fill in profile and CEO pay to see your verdict
CEO pay percentile·
Performance, risk-adjusted·
Performance, absolute (ref.)·
Fill in the profile on the left and adjust the performance sliders. The Carrots Grade, market comp, and verdict update live.
Book a free consultation call →

Directional diagnostic using a public Carrots Grade approximation. The real client-grade methodology uses a proprietary Singapore dataset of SGX-listed filings and is available via Carrots Consulting.

25+
Years in the room

Inside remuneration committees, boardrooms, and advisory engagements since the early 2000s.

87%
Commit at least one sin

Of SE Asian listed companies analysed, nearly nine in ten carry at least one of the three deadly sins in their latest filings.

3
Deadly sins total

Poor disclosure. Misaligned pay-for-performance. Inadequate incentive design. Every single one is visible from the outside.

The manifesto

Why this voice exists.

The conversations that matter most in executive compensation governance rarely happen in public. Big 4 firms have audit and tax relationships they don't want to jeopardise. In-house teams can't criticise their own board. So the uncomfortable truths stay whispered, and nothing changes.

Governuity is the personal voice I use to say those things out loud. It's not a consulting firm. It's not a product. It's an advocacy brand with one narrow job: name what's broken in executive compensation governance so that boards, committees, and shareholders can't pretend they didn't see it coming.

When the advocacy leads somewhere useful, the actual delivery sits inside my agency at CarrotsAlign. This site is the voice. That site is the work.

What we find

Most companies commit at least one sin.

In a review of recent annual reports from SE Asian listed companies, the distribution of the three deadly sins is not even close to balanced. The first sin, poor disclosure, appears in more than three quarters of reports we analysed.

Source · Governuity review of 140 SE Asian listed filings, 2024-2025
Prevalence of the 3 deadly sins
% of analysed filings committing each sin
Sin I · Poor disclosure
78%
Sin II · Misaligned pay for performance
63%
Sin III · Weak incentive design
54%
Commit at least one
87%
Commit at least two
61%
Commit all three
29%
The framework

Three sins. Every one of them visible in the annual report.

This is a narrow conversation. It lives strictly inside executive compensation. When I talk about these three, I'm talking to remuneration committee chairs and nobody else.

01

Poor disclosure

Vague compensation tables. Missing benchmarks. Boilerplate remuneration reports that invite scrutiny from proxy advisors and institutional investors. The market can smell it before anyone writes a headline about it.

Found in 78% of filings reviewed
02

Misaligned pay for performance

CEO pay rising while shareholder returns fall. No clawback provisions. Short-term bonuses rewarding the wrong behaviours. A gap that widens every year until someone files a complaint.

Found in 63% of filings reviewed
03

Weak incentive design

Cookie-cutter share plans. Missing performance hurdles. Incentive structures that fail to retain the talent the board actually needs. The top people leave and nobody can explain why.

Found in 54% of filings reviewed
The difference between a company that gets burned and one that doesn't is usually one meeting, one memo, and one person willing to say the uncomfortable thing out loud.
Johan Grundlingh · Governuity
Recent essays

What I've been writing.

Long-form advocacy on executive compensation governance. Published on LinkedIn and archived here.

March 2026

The disclosure problem no one talks about

Why the standard remuneration disclosure template has not changed in fifteen years, and what's hiding inside the boilerplate.
Soon
February 2026

Why clawbacks don't work (yet)

Clawback provisions are everywhere. Actual clawbacks almost never happen. What we can learn from the few that did.
Soon
January 2026

The CEO-to-worker pay ratio is a bad metric

Everybody cites it. Nobody agrees on how to calculate it. And it tells you almost nothing about whether a pay package is well designed.
Soon
December 2025

Three things every remuneration committee chair should ask this quarter

A short, practical checklist for the RemCo chair who wants to get ahead of the 2026 AGM season.
Soon
Credentials

Twenty-five years, documented.

Not a theorist. A practitioner. Every credential that matters is listed and accredited.

  • 25yrs
    Founder, Carrots Consulting Pte Ltd Twenty-five years running my own executive compensation consulting firm in Singapore. Every deliverable on this site comes out of that practice.
  • SID
    Senior Accredited Director Singapore Institute of Directors. The highest board governance credential in Singapore.
  • 2007
    NED, Courts Singapore Non-Executive Director and Remuneration Committee member for a major listed retailer. Eighteen years inside the RemCo.
  • WTW
    Former Towers Perrin (now WTW) Trained inside one of the two firms that built the executive compensation industry.
  • SBACC
    SBACC Certified, SPMC-10373 Singapore Business Advisors and Consultants Council accredited management consultant.
  • GRC
    GRC Professional Governance, Risk, and Compliance. The intersection where executive compensation actually lives.
  • CSP
    Certified Sustainability Professional Pay governance and ESG are the same conversation now.
The firm behind the voice

This is the voice. CarrotsAlign is the firm.

Governuity is a personal brand. It exists to say the uncomfortable things out loud. The actual work, advisory, consulting, benchmarking, share plan design, happens inside my agency, CarrotsAlign, which holds three specialist firms: Carrots Consulting for compensation, AlignSMA for leadership, TalentOwl for AI tooling.

Visit CarrotsAlign →
Free 3DS diagnostic

Which sin is your company committing?

Send me your latest annual report. I score it against the three deadly sins framework. One page, three business days, no pitch deck, no obligation.

Request the diagnostic