A rising number of corporate diretors are expressing their concerns about skyrocketing CEO compensation, but they are washing their hands of any responsibility. Many are beginning to blame compensation consultants for the high pay, saying that they are assigning estimates that are simply too high to justify. However, it is the directors who sign off on the high compensation and grant it to sometimes-undeserving CEOs.

The blame-game has pushed lawmakers to open an even broader investigation into compensation practices. They had interviewed board members in the past and are now seeking insight from compensation consultants to determine the factors at play. Often times, these consultants base their recommendations on peer compensation and adjust it higher with performance goals as they are met. Unfortunately, these performance goals are often set too low and for inappropriate measures. The result is spiraling peer compensation numbers and even higher bonuses.

The SEC has also done what it can to make executive compensation more public in hopes that shareholders will begin to take the issue into their own hands by pressuring the board and management. This has seen some success, but they complain that many companies are simply ignoring the new rules because a lack of enforcement ability. All they can do is investigate fraud at this point- compliance is of little concern.

Instead of playing the blame-game, perhaps everyone should work together to curb the problem before it gets even more out of control...