In your June 19 CEO Salary Survey, you stated that those in your survey made $93,992 a week in average total compensation as contrasted with the $702 per week average earnings for working North Carolinians as a group. As a former chairman of the state's jobs council and one who had the privilege of serving a Fortune 500 company for 17 years, I have watched with ever-growing alarm these pay inequality trends and that of the obvious direct corollary in the startling increase in corporate board member compensation.
Until relatively recent times, board members generally received very little remuneration for services. That continues to be the case for some shining success stories such as Berkshire Hathaway. A quick Web search took me to Warren Buffett's Feb. 26, 2011, letter to Berkshire shareholders. Buffett says Berkshire's board members receive token compensation: no options, no restricted stock and, for that matter, virtually no cash.
Stewards are what Buffett calls his board members. Only through reclaiming our unselfish stewardship mandate for board members can we restore some sanity to our compensation for top executives.