Remuneration Governance and Talent Retention in the Nigerian Banking Sector: Governance Committee Perspective

This study examines remuneration governance and its relationship with talent retention outcomes in the Nigerian banking sector, from the perspective of board remuneration committees. The Nigerian banking industry faces persistent challenges in retaining experienced banking professionals, with talent migration to international institutions and fintech companies representing a significant governance and operational risk. Remuneration governance, encompassing the design and implementation of compensation structures that attract, motivate, and retain talent, is a core responsibility of board remuneration committees. Drawing on tournament theory, efficiency wage theory, and the governance committee literature, this study investigates how remuneration committee quality, measured by independence, meeting frequency, and use of independent remuneration advisors, relates to talent retention outcomes proxied by staff turnover rates, vacancy fill rates, and employee satisfaction survey data. A mixed-method research design combines secondary data from HR and annual reports of fourteen commercial banks over five years with qualitative interviews of twelve remuneration committee members. The study addresses a gap in the Nigerian banking governance literature by connecting governance committee design to human capital management outcomes. Findings will assist bank boards, remuneration committees, and the Central Bank of Nigeria in designing governance frameworks that support talent sustainability. Keywords: remuneration governance, talent retention, banking sector, remuneration committee, corporate governance.