The present study was conducted with the aim of investigating the relationship between company risk, operational efficiency and board of directors' compensation with regard to the moderating role of company size in companies listed on the Tehran Stock Exchange. In terms of classification based on objectives, the current research is of applied type and in terms of data analysis method it is cross-sectional correlational research. The statistical population of the research is all the companies admitted to the Tehran Stock Exchange in the period of 1396-1400, and 154 companies were analyzed as the final sample of the research. The collected data of the companies were analyzed using regression analysis and using Eviews and Stata software. The results of regression analysis using the method of fixed effects and generalized least squares and hypothesis testing show that there is an inverse relationship between company risk and board of directors' compensation, and there is a direct and significant relationship between operational efficiency and board of directors' compensation and between company size and board of directors' compensation. . Also, the results show that company size inversely moderates the relationship between business risk and board compensation and directly moderates the relationship between operational efficiency and board compensation.