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A Problem? Yes. Fix It? No.
Funny thing: The latest group to complain about excessive chief executive pay is—wait for it—the people who write the checks.
More than three-fourths of the 791 board members surveyed by the National Association of Corporate Directors and the Center for Board Leadership said that executive pay was either "somewhat high" or "too high" relative to the job being performed. The results were noted in the 2007 N.A.C.D. Public Company Governance Survey.
Take out the executives who are also board members, and the percentage is even higher: Fully 81.1 percent of independent board members think that the most senior employees at companies are somewhere north of "just right."
Harbinger of change? Doubtful. The percentage is only slightly higher than the figure for last year.
And directors ranked C.E.O. compensation as only the 15th most important corporate-governance issue among 26 possibilities.
No. 2 on the list: "Board-C.E.O. Relations."
by Mark Stein
Laura Rich is a co-founder of Recessionwire, which provides news, advice, perspective and humor about the recession and the recovery.
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