'Fat cat' pay / Shaun Tyson -- Shareholders' attitude to directors' pay / Paul Norris -- Accountability, transparency and performance : comparing annual report disclosures on CEO pay across Europe / Sébastien Point -- Director performance standards and rewards in France / Frank Bournois and...

In a large sample of US private foundations, we examine the association between CEO compensation and an accounting-based measure of performance, administrative efficiency. We document a positive pay-performance association across time within foundations, but a negative association across...