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Clement Ma

consultant | Dallas 972-885-9893


Clement Ma, Economist, is a Consultant in the Dallas office of Pay Governance. As an economist, he has assisted in a variety of executive compensation projects including pay-for-performance assessments, proxy analysis, compensation practices and trends, and peer group development. Clement works with a wide range of clients in various industries including energy, financial services, technology, and pharmaceuticals.

Previous Experience

Prior to joining Pay Governance, Clement worked at Hay Group as a compensation analyst and Equilar as a research analyst.


Clement graduated with a degree in Science and Business specializing in Biotechnology from the University of Waterloo.

Did Say-on-Pay Reduce and/or “Compress” CEO Pay?

In the Dodd-Frank Act legislation after the 2008 Financial Crisis, the inclusion of shareholder SOP voting was driven by bipartisan Congressional support to “control executive compensation…” at corporations. In 2009, a former SEC chief accountant said, “Executive compensation at this point in time has gotten woefully out of hand… The time to adopt ‘say on pay’ type legislation is certainly past due.” Politicians, regulators, and some institutional shareholders clearly thought that, “The impetus for passage of Dodd-Frank’s say-on-pay requirement in 2011 focused on remedying ‘excessive’ CEO pay.”
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