Background and Objectives: The purpose of this study is to present a model of fair salaries and benefits for CEOs and board members of private insurance companies in the country. The research method is qualitative (Glazer Foundation data) and quantitative (structural-interpretive method). Research information was collected through Delphi interviews. The statistical population of the study included experts, professors, and specialists of insurance companies in an unknown number, of which 19 people were selected until theoretical saturation was reached.

Methodology: The sampling method was snowball sampling, in which interviewees were asked to introduce knowledgeable people regarding the research topic for subsequent interviews. Primary data were collected through interviews. According to the methodological process, through three stages of open coding, selective coding, and theoretical coding, first, from a large number of types of primary data, codes related to the topic were identified; then, through continuous comparison, a concept was extracted from several codes, and in the same way, other codes were converted into concepts, until finally 125 concepts were obtained. In the next stage, each concept was grouped into a category until 13 categories were obtained for this study.

Findings: Subsequently, based on the indicators, components, concepts, and categories of the proposed model, a matrix questionnaire was developed and based on the collected data, the internal relationships of the proposed model were examined.

Conclusion: The results showed that the components of transparency in the process, successful experiences and best practices, justice in determining salaries and benefits, criteria and factors for determining salaries and benefits, adherence to values and ethical principles were identified as influential and influential components; as well as the components of the company's performance and financial status, managers' satisfaction and motivation, managers' participation in determining salaries and benefits, challenges and obstacles were identified as dependent and influential components.