A fund manager once cheekily suggested to me that the unwillingness of many companies to disclose the exact remuneration of their chief executives, for fear this might make it easier for competitors to poach them, ought to be a major concern for investors.

After all, it is the most successful companies that pay top dollar for talent. “I wouldn’t want to be invested in a company that underpays its employees,” the fund manager said.

Competition for top executive talent is a real challenge, of course. And, the best senior executives aren’t usually short of employment options.