Regarding the remuneration scheme, following the distinction by Eisenhardt (1989) between behavior-oriented (e.g., salaries and hierarchical governance) or outcome-oriented (e.g., commissions and stock options) we can see that in the case of Aracruz the remuneration scheme followed the latter, as managers‟ compensation was based on the performance of share prices during three years. In terms of a general remuneration scheme, correct incentives were given to the executives, with a focus that was not only short-term based.