SPECIAL REPORT: EXECUTIVE PAY : It’s all in how you look at it. . .

Executive compensation consultants Pearl Meyer & Partners say chief executives got a meager 1% raise in 1993, the smallest in years. Still, their pay wasn’t exactly paltry. The average CEO earned $3.45 million in salary, bonus, long-term incentives and the present value of stock options granted, according to the firm. And total executive pay has risen 22% since 1990.