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chief executives of big firms, did so this month. "Repots that large numbers of chief
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executives make hundreds of millions of dollars every year are simply untrue," said John
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Castellani, the roundtable's president. "Executive compensation has closely followed to
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the growth that companies have experienced in the last ten years." The compensation of
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the median chief executive of the 350 big firms in the Business Roundtable's sample fell
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to $6.83m in 2005 from $7.04m in 2004. and was lower than these in 2001. This finding
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has generated huge controversy. The roundtable has been accused of that ignoring some
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valuable components of pay, such as pension benefits and having dividend payments on
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restricted shares held by bosses, and of understating about the value of options and other
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equity grants made to them. Add these in that, and pay is still soaring. say critics. Who is
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right? Steven Kaplan, an economist at the University of Chicago, calculates that although
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measured ex ante (valuing options of using the Black-Scholes formula, rather than by what they later turn out to be worth when they are exercised) and in real terms, for firms in the S&P 500 index, average chief-executive compensation peaked in 2000, and has since fallen by about a third.