From Michelle Singletary of The Washington Post:

If we now have an economy in which we can’t allow certain industries or companies to fail, then we need better governance over executive compensation. We need to place some checks and balances so that top executives aren’t allowed to run firms into the ground while enjoying outrageous pay packages no matter how their companies perform.

Perhaps one way is to focus more on the boards that approve executive pay. Last year, companies in the S&P 500 index spent an average of more than $2 million on board compensation, according to preliminary findings of a director pay survey by the Corporate Library, an independent research firm. The median total compensation for individual directors of S&P 500 companies was just under $200,000.

Despite the economic downturn and a yearlong recession, the pay for directors has gone up. The median increase in total board compensation was nearly 11 percent. The median increase in compensation for individual directors was almost 12 percent. This is the third year of double-digit increases for directors and boards.

Is it no wonder that executive pay is so high? The people determining how much executives will get are lapping up the money too.