The study looked at how CEO pay is affected by company performance and governance in Pakistan. They used data from non-financial firms listed on the Karachi Stock Exchange from 2005 to 2012. The results showed that CEO pay is influenced by the company's financial performance, but not by stock market performance. Larger companies tend to pay their CEOs more, and when the largest shareholder owns a lot of the company, the CEO gets paid more too. Having the same person as CEO and board chair leads to lower CEO pay. The size and independence of the board don't seem to affect CEO pay much. CEO pay changes slowly over time. These findings have implications for managers, regulators, and other stakeholders.