You have been elected to the recently established Remuneration Committee of XXX Ltd. The Committee's immediate task is to establish an executive compensation plan for XXX Ltd's senior executives. Applying Agency Theory and Watts and Zimmerman's Positive Accounting Theory, prepare a report containing your recommendations to the Committee for a compensation plan that will assist XXX Ltd to attract, motivate and retain the executives needed to achieve its objective of building an industry-leading company in terms of operational performance and the creation and protection of shareholder value. Your report should identify the components of your proposed compensation plan as well as a justification for the inclusion in the plan of each component.