The Globe and Mail reports in its Friday edition that following "say-on-pay" protests in the United States (and in Canada at Canadian Imperial Bank of Commerce, Barrick Gold and Yamana Gold), the U.S. Securities and Exchange Commission recently proposed rules linking pay to performance. The Globe's Richard LeBlanc writes that regulators have a poor record of getting executive pay right. Mr. LeBlanc, however, says there are ways to fix the executive pay model. An effective bargaining party should be independent of management and selected directly by shareholders to represent investor interests. Mr. LeBlanc says directors should be selected by shareholders, not directors and certainly not management. Mr. LeBlanc is wary of "peer benchmarking," which is when a chief executive officer's pay is compared with that of other CEOs, often at larger, more complex companies. He says compensation committees should focus less on comparisons, and more on performance and value creation. Most performance metrics for executive pay are short term, financial and based on total shareholder return. Mr. LeBlanc says pay should be linked to sustained value creation over the longer term.