Which of the following statements is true? O protection from takeovers is less likely to be associated with executive pay that is relatively sensitive to performance. an increase in managerial power would be associated with a increase in the sensitivity of executive remuneration to performance. O managerial power is decreasing in the number of institutional shareholders, other things equal. O a board with a high proportion of CEO-supported appointees is likely to be associated with CEO pay sensitive to performance. O directors always act as the shareholders' representative when negotiating CEO pay