The Globe and Mail reports in its Wednesday edition that each spring, the spotlight falls on excessive executive pay with proxy season disclosures for annual shareholder meetings. The Globe's guest columnist Garfield Emerson writes that investors froth at the newly divulged disconnects between high compensation packages and mediocre financial performance. Canadian Imperial Bank of Commerce, Barrick Gold, Onex, Air Canada, Loblaw, MDC Partners and Yamana Gold were among this year's examples. The assumption that equity-based compensation for executives aligns their interests with the shareholders is undermined when disproportionate stock incentives are awarded by company directors. There is growing skepticism about the idea that particular CEOs are indispensable. CEO remuneration should be assessed within a competitive, market-based economy. The board of directors is responsible for compensation policies and practices. But independent board chairs need to step up publicly to their obligations for governance leadership. More direct disclosure is needed to support enhanced corporate accountability. Petitioning for shareholder rights to elect directors is a path forward.