Posted by Gregg at 01:27 PM in Human Capital The amount of Rich Grasso's pay is not the point. From the standpoint of corporate governance, which was the banner being waved around his resignation, it's the NYSE board that approved his deal. Grasso did not embezzle, defraud or cook the NYSE books. He simply cut himself a sweet deal - which was approved by the board of directors and members of the New York Stock Exchange. In fact, all CEO compensation in public companies is approved by the board, yet, we've heard relatively little about their role over the last few days. Over the last two years, Directors of scandalized companies have managed to stay out of the spotlight. Directors supposedly represent the shareholders - they are the check on management teams that lose sight of what's in the shareholders' best interest. Whether you agree or disagree with the amount of Grasso's pay it's unfair to paint him as the bad guy. He did what we all do - negotiate the best deal you can.

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