Convenient the C-Suite sticks to a theory that massively benefits themselves. Sorry, it’s bullshit.
And there is ample evidence. Look no further than how every other employee is treated. Do you think they could get the best veterinarians by paying say, $300,000/year? Of course. But they don’t because they recognize the diminishing returns of thinking they have to have the best. But somehow the C-suite makes itself immune.
And that goes back to your example. As an engineer, I can tell you that construction trades are in HUGE demand. Same with civil engineers. Yet pay isn’t going up, at least not much.
Executive pay has gone up far faster than pay for regular workers. Sorry, I don’t buy the explanation that somehow they are the only group struggling to to find top candidates.
Other CEOs that sit on governing boards set the compensation. It’s the same thing.
Sorry, I’ll never buy that it’s fair compensation, especially for a nonprofit charity.