On December 27, 2016, the British CFA Society (an organisation representing Chartered Financial Analysts) released an interesting report that they had commissioned from academic researchers at the Lancaster University Management School. The Report – An Analysis of CEO Pay Arrangements and Value Creation for FTSE-350 Companies – explodes another mainstream economics myth that pay is in accordance with contribution to production adjusted for so-called compensating differentials (danger, risk etc). The Report confirms many other research publications over the years that there is little or no relationship between the pay that the top CEOs receive and the performance of the companies they manage. In fact, executive pay seems to grow even when their companies go backwards and their workers are shown the door (lose their jobs). It is just another one of those scams that we have been lulled into accepted in this neo-liberal era. It is one of the scams that a progressive agenda has to attack and develop policies to reverse. There should be legal frameworks in place as part of company law to force boards to scale pay to performance as a first step. The results of the research also allow us to see through some of the central arguments in favour of privatisation – viz, that public enterprises are wasteful because there are no shareholders to discipline the management. Well, the research discussed below shows that shareholders have very little sway on management and the boards that hand out massive and unjustifiable executive salaries.