Good morning.
While most Americans think public-company CEOs are paid too much, investors have approved 99% of CEO pay packages brought to a vote this year. Approval for Elon Musk’s record-breaking pay package is the norm.
U.S. shareholders generally agree that leadership is best measured by stock price. That philosophy underpins most pay-for-performance systems. (The say-on-pay provisions and other elements of the Dodd-Frank Act were mainly intended to avert a bias for short-term gains over long-term value.)
