The first is the percentage of non-executive directors (NXRATIO). There are many studies that support the use of non-executive directors as they are more likely to act on behalf of shareholders. Consequently, the higher the percentage of non-executive directors on the board, the lower the Agency's costs will be, as in the first hypothesis. Second, duality (DUALITY) is unenviable as it gives one person the potential ability to disrupt the company's decision making, so the separation of CEO and chairman should reduce agency costs. Third, the establishment of subcommittees of the board. There are several sub-committees of the board, but we will focus only on the nominations committee, which contains one or more non-executive directors. As mentioned above, a non-executive director should act according to shareholder behavior, the presence of a nominations committee (NOMCOM) and the presence of an executive director on the nominations committee (NOMXD) should reduce agency costs . The length of the CEO's tenure (CEOTENURE) is considered because the longer he remains in office the greater the power, consequently the agency costs increase. The final hypothesis is that the greater the number of additional positions held by the CEO (BUSYCEO), the lower the agency costs due to the greater reputation and positive impact on firm performance. McKnight and Weir (2009) do not build hypotheses only on table characteristics,