Our report not only shows that combined CEO/chairmen cost more, they also present higher ESG and accounting risk, and provide lower long-term shareholder returns than if the positions are separated.

Some of the main findings of the report:

• Executives with a combined CEO and chair role earn a median total summary compensation of just over $16 million. 
• CEO plus a separate chairman earn a combined $11 million. 
• Less than one percent of companies in the sample (defined as companies with a market cap in excess of $20 billion) with a combined chair and CEO score an ESG rating of above average compared to almost 20 percent of companies with separate roles. 
• Corporations with combined CEO and chair roles are 86 percent more likely to register as "Aggressive" in our Accounting and Governance Risk (AGR®) model. 
• Five-year shareholders returns are nearly 28 percent higher at companies with a separate CEO and chair.

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