If You're So Ethical, Why Are You So Highly Paid?

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The book examines the dramatic rise in senior executive pay over the last three decades, attributing it to a market failure that leads to inefficient compensation practices across industries. It highlights the dilemma faced by remuneration committees, which often recommend inflated salaries in the pursuit of attracting top talent. Additionally, it addresses the challenges institutional investors face in addressing excessive pay, revealing a collective action problem that has historically hindered effective intervention.