The composition of CEO compensation has undergone significant changes over time. The graph in Figure 1 illustrates the major elements of CEO pay levels from 1940 to 2016, with bonuses being the primary component until the 1980s. Stock options became popular in the 1990s and early 2000s, but their use declined after 2004 due to stock market downturns and accounting concerns. Other components of CEO compensation include prerequisite compensation, pension payments, and severance payments, which have received less attention in academic literature. The study concludes that power at the managerial level plays a significant role in determining executive compensation, with implications for corporate governance.