OK.  It’s not just some crack pot Post reader and blogger who says it, the president of the United States, in response to a question on CEO pay at the G-2 press conference today, just said that the problem is…

  • CEOs select their boards
  • Setting up a cozy relationship
  • Then they hire comp. consultants and
  • Surprise, they get $20-30 mil. comp packages
  • Does not serve shareholder interest
  • Distorts CEO decisions
  • Need shareholder voice/vote

And as CNBC pointed out yesterday, big salaries don’t automatically provide shareholder value.

So, as I just wrote to several Post reporter’s and its ombudsman, what about an examination of the role of boards of directors?