They backfired, produced envy: Buffett on CEO pay disclosure norms
Billionaire investor Warren Buffett said reformers tried to "embarrass CEOs" by requiring firms to disclose the CEO's pay relative to the median employee's pay. "But the good intentions...backfired," he stated. "The CEO of company 'A' looked at his competitor at company 'B' and...conveyed to his board that he should be worth more. The...rules produced envy, not moderation," he added.