A good company and well run, but is any one person worth that for that performance? At some stage Remuneration Committees are going to have to be held to account. Just to keep saying that they need to pay like this to remain competitive within the market is a smokescreen. CEO pay scales are ridiculous compared to pay of other v. important staff that create the results. Anyone agree?
I suppose that I would expect Remuneration Committees to be more effective in tieing CEO rewards to performance. However I now note that Yahoo Finance withdrew their article on Ace's CEO compensation after I posted my message, and have rewritten it to show that his compensation was $14.7m and not the $23.7m they originally reported! I bet the language on the phone line or email between Ace and Yahoo was pretty colorful on this wildly inaccurate report. Obviously the comp. is not so egregious as $23.7m, but still feel it is way over the top. At some stage Independent Directors should stand up against these hugely inflated packages that bear little or no relation to performance.