I don't think it is that simple. There is a tremendous amount of back scratching that goes on when setting executive pay. The board hires pay consultants, the

I don't think it is that simple. There is a tremendous amount of back scratching that goes on when setting executive pay. The board hires pay consultants, the consultants are not going to rock the boat and suggest pay cuts, so they approve a nice increase over the current going rate. Rinse and repeat and you have out of control executive compensation. Majority shareholders are often in the same position - very well paid, and well connected with other CxOs. That leaves the rest of the shareholders along for the ride.