This is a British study, but you can bet the same thing is happening here. What WAS the theory behind high executive pay again? Wasn't it to tie executive compensation to share value and profitability? These fat cats are so arrogant, it's going to be really satisfying when history bites them in the ass.
Executive pay has once again outpaced average earnings, climbing an average of 17% last year.
More than 130 directors received total pay packages in excess of £1m and seven received more than £1m compensation when they left their jobs, according to the Guardian's annual survey of boardroom pay, conducted with pay consultants Inbucon.
The survey shows that executive remuneration has been largely unaffected by the stock market turmoil, which has wiped billions of pounds off the value of the companies they run.
Over the period studied the FTSE 100 index lost nearly a third of its value. At the same time inflation and earnings growth have been running at long-term lows. Growth in average earnings fell from 5% in December 2000 to 3.4% a year later, one of its lowest points in the last 35 years. It is now rising at 4%.
The results of the survey underline the findings of other studies which have highlighted the growing gap between executive pay and shopfloor wages. According to a recent Incomes Data Services report, the total earnings of FTSE 100 chief executives rose 89% in the five years to 2001, while full-time employees received a 28.7% rise.