Deputy Director of the Adam Smith Institute, Sam Bowman, offers a defence of high CEO and top executive pay in a Channel 4 News article on wage discrepancies.

Sam Bowman, deputy director of the free-market think thank, the  Adam Smith Institute, said: "Considering how important the decisions made by CEOs are to their firms' success, it would be very strange if they were not paid very highly.

"Multi-billion pound firms can live or die based on the choices their directors make - a Steve Jobs can turn a firm into a world leader, while a bad CEO can ruin a thriving company. Think of how important it is for Tesco to make the right strategic decisions in the coming years. It is no surprise that it is willing to pay well for the best CEO it can find."

Read the full article here.