Shareholders say execs paid too much

Most retail shareholders believe executives of listed companies receive way too much
pay, a survey found.
An Australian Shareholder Association survey found that 93.6 per cent of respondents
agreed executives receive "excessive" total remuneration packages.
"Shareholders' hip pockets have been ransacked by the global financial crisis but
executive pay continues to increase, largely driven by performance payments," ASA
chief executive Stuart Wilson said in a statement.
"The disconnection between performance and pay in many listed companies has been
thrown into sharp relief by the crisis and shareholders expect boards to act."
Even more of the 1,611 respondents, or 99.4 per cent, said payouts to failed
executives were too generous, while 91 per cent said those payouts should be subject
to a shareholder vote.
The survey also found many shareholders found it hard to understand remuneration
reports, with 90.3 per cent agreeing they were overly complicated.
Most respondents also thought chief executives of banks under the government's
deposit guarantee should have their total annual pay capped at $500,000.