But, directors must be held accountable for their decisions to support absurd perks, severance packages and profligate pay levels that are devoid of any connection to economic value creation at the company.
His ideas include giving shareholders binding votes on the pay, perks and severance packages handed out by companies.
A recent state audit of the Missouri Higher Education Loan Authority, a quasi-government corporation, found that it too had paid millions of dollars in bonuses, perks and severance packages to top executives.
Defying their own mantra of pay for performance, directors often granted big raises, plentiful perks and enormous severance packages even to executives who failed to keep to their promises on revenue and profit.
That's because the policy applies the limit only to cash severance payments, consulting fees and some perks and pension sweeteners.
Unfortunately, we didn't have that perk as part of our severance package with the last contract.
The oxymoron of the "entrepreneurial manager" is shown up by safety devices such as guaranteed bonuses, severance pay, hugely generous provisions if the company changes hands, perks, accelerated vesting of options and massive pensions contributions.
BBC trustee Anthony Fry told the PAC there had been "months and months of arguments" between the trust and the BBC executive committee over financial issues such as pay, perks and bonuses - although he admitted that severance packages were not given much attention.
In the September follow-up, Mr Fry told the PAC there had been "months and months of arguments" between the trust and the BBC management over financial issues such as pay, perks and bonuses - although he admitted that severance packages were not given much attention.
All perks included, the airline chief executive could snag a severance package worth up to $28.6 million, according to Bloomberg estimates.
