¶ … American economy are running rampant and on any given day the central issue may change but one issue that seems to keep reappearing is the one regarding the amount of executive compensation. In an era when unemployment is registering at record highs and more and more manufacturing companies are leaving American shores for other destinations, there appears to be no slow down in the amount of compensation that businesses are willing to pay their top executives. While the wages of most American workers have decreased over the past two decades, the wages of most American CEOs have skyrocketed. A fact that has irritated many Americans and which has placed a major barrier between the American workforce and corporate management.
The issue of corporate compensation for their executives has many aspects (Core, 2005). The issue can be examined from the aspect of performance. It can be examined relative to the pay of the other employees and it can be examined from the standpoint of overall fairness. Regardless of which approach is adopted, the issue is one that has created a great deal of acrimony and this state of acrimony cannot be expected to be dissipated any time soon.
The interesting aspect of executive compensation is that it is obtained in the same way that the unions obtained their wages for their members: negotiations. Those individuals who seek high level executive positions sell their services in much the same way that the unions have been doing for several decades and it is the same individuals who doled out the union contracts that everyone now seems to criticize who are now doling out contracts to the executives. It is the members of the board of directors for the corporations who are representing the business at the negotiation table and they are the ones directly responsible for paying executives in the millions. Interestingly, the same executives who are the beneficiaries of these rich contracts are the first to criticize the contracts negotiated over the years by the unions.
What precisely is an executive's duty to his employer? Legally, all corporate executive are...
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Corporate executive pay needs to be reconsidered. Proponents of corporate greed will claim all sorts of outlandish reasons why their mansion on the Riviera is benefitting the worker making $7 per hour in the fields. Companies will even use spurious research methods to justify corporate executive pay. The Institute for Policy Studies and the Center for Corporate Policy (2007) notes that "amounts for restricted stock, pension benefits, deferred compensation, and
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