This paper gives the first results on the relationship between board remuneration and performance measures in the most important Belgian stock exchange listed companies. On average the board of directors of the Bel-20 companies receives between 65 and 75 million BEF, much more than the directors of the other stock exchange listed companies. In 1994-1995 the boards of the other listed companies received on average 7 million BEF.The results suggest that there is a statistically and empirically significant connection between boardroom pay and sales. The other independent variables - capitalisation, shareholder value and profits - are statistically significant but possibly deteriorated by heteroscedasticity or are statistically insignificant.