Boards think other CEOs’ pay excessive

Despite a recently adopted requirement that companies disclose more about executive compensation, two-thirds of corporate directors still think that chief executive pay is out of control, according to a survey released Monday.

The survey, from accounting firm PricewaterhouseCoopers and Corporate Board Member magazine, found that 67% of directors believe U.S. corporate boards were having trouble controlling the size of CEO compensation.

“Most directors think that their own company is doing a good job, but there would appear to be some kind of disconnect with the view that the problem is somewhere else,” said Catherine Bromilow, a Pricewaterhouse partner.

“There may be some reluctance to look in the mirror, as opposed to pointing fingers other places,” she said.

The survey, which culled results from nearly 760 board members, showed a slight uptick in the number of directors who said chief executive pay was out of control. Last year, that figure was 66% of directors polled.

The average chief executive of a Standard & Poor’s 500 company received $14.8 million in total compensation last year, according to an analysis from the Corporate Library.