The Commentator

High executive pay is justified by the myth of talent

The downward trend in board-level pay announced in the BBC annual report yesterday is welcome. Nevertheless, executive salaries at the corporation and elsewhere in the public sector, not to mention the burgeoning pay in the corporate world and in the finance sector, still appear irrationally high and require substantial overhaul rather than mere tinkering.

How exactly did we get here, and how do we reduce pay of top earners to a reasonable level?

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