Bush complains about size of CEO packages

NEW YORK (Reuters) - President Bush on Wednesday complained about the size of corporate executives' pay packages and urged boards to make sure they are tied more closely to companies' performance.

Multimillion-dollar CEO paydays at companies such as Home Depot and Pfizer Inc. have drawn Washington's attention to the issue.

"Government should not decide the compensation for America's corporate executives. But the salaries and bonuses of CEOs should be based on their success at improving their companies and bringing value to their shareholders," Bush said in a speech on the U.S. economy in New York.

Bush said shareholders should know the exact details of executive pay packages.

"The print ought to be big and understandable. When people analyze their investment ... they ought to be able to see with certainty the nature of the compensation packages for people entrusted to run the companies in which they have invested," Bush said.

"America's corporate boardrooms must step up to their responsibilities. You need to pay attention to the executive packages that you approve. You need to show the world that America's business are a model of transparency and good corporate governance," he said.