Despite popular belief—or perhaps to the disbelief of many shareholders—corporate governance reforms and market pressures may finally be squeezing at least some parts of executive compensation packages.
That’s according to a recent survey by professional services consultant Mercer, based on the findings of 350 companies within the Fortune 1000. According to the survey, total compensation for chief executives declined in 2007, a year when corporate performance also tumbled. Total pay dropped 15.8 percent to about $14 million on average for CEOs at the 50 biggest companies. For the group of 350 overall, pay declined 5.5 percent, the survey said.
