In capital intensive biz it needs to include cap cost component. Incentives are very important. You imply board sets comp, the CEO is an important determinant of their own comp. Ceo pick their own comp committee. Human relation vp reports to ceo and reports to hand selected comp committee. What ceo wants a rational comp when irrational pays better? Entire board should discuss comp not hand selected comp comittee. If you don't get ceo comp right none of the other check the boxes matter.
Cm - a liberally paid board in american co is counterproductive to good mgmt. I raise ur salary u raise mine. I think it woiuld be better if they weren't paid at all.
Wb - you take 100pgs to explain how u pay u got a problem. When board comp matters they are not independent.
Cm - the man has a lot to lose will not be independent. The way we do it is right what everyone else does is silly
