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Stephen J. Pakela

Managing Partner | Pittsburgh 724-260-5370


Steve Pakela is a Managing Partner at Pay Governance. He advises clients in areas such as compensation strategy development, incentive plan design (both short- and long-term), executive severance and all forms of competitive compensation review. He also advises on director compensation and corporate governance issues. Steve has extensive experience functioning as an advisor to client Compensation Committees. He works with a broad range of companies that represent such industries as manufacturing, mining, financial services, consumer products, technology, higher education and healthcare.

Previous Experience

Steve was a former Principal and leader of the executive compensation practice at Towers Perrin's Pittsburgh office where he practiced for 13 years. Before joining Towers Watson, Steve's experience was focused on finance and accounting, working as an auditor with a global accounting firm and working for a major financial institution specializing in both internal and external financial reporting.

Additional Information

Steve is a Certified Public Accountant and a member of both the American and Pennsylvania Institutes of Certified Public Accountants. He has spoken frequently for various organizations on topics pertaining to executive compensation.


Steve is a graduate of Westminster College with a B.A. in Business Administration, concentrating in Accounting.

Effectively Administering Your Relative TSR Program – Learning and Best Practices

Relative TSR is a performance metric most often used in LTI performance plans. Its use as a metric has nearly doubled over the past 5 years and is now used by approximately 50% of companies spanning all sizes and industries. While the appeal of this metric for shareholders and directors alike is its alignment with shareholder value creation and the absence of having to establish long-term performance goals, there are other nuances and considerations that can make the administration of these plans much more complex than other types of arrangements. Continue reading

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