CEO Comp and Corporate Governance

I came across an interesting blog post the other day citing a study of CEO compensation practices in the UK post-2002.  Go here - Truth on the Market Blog 

Importantly, the study notes that levels of executive comp and growth rates in executive comp have not significantly changed since 2002, despite new legislation submitting executive comp to (non-binding) shareholder approval.

HOWEVER, the study did find that executive comp had become more sensitive to whether or a not a company posted a negative operating performance.