Accepted by Steven Salterio. We appreciate helpful comments from Jeff Cohen, Yves Gendron, Audrey Gramling, Govind Hariharan, Roger Hermanson, Jagan Krishnan, Jayanthi Krishnan, Paul Lapides, Steve Salterio (Editor (in-Chief)), two anonymous reviewers, one anonymous interviewee, and participants in the Coles College Brown Bag series, and Iowa State University Workshop. We thank Joe Mallin of Pearl Meyer & Partners, Ron Domanico, Paul Lapides, Mary Madden, and Hal Shear for assistance in getting access to public company compensation committee members. We thank Zhen Li for research assistance. Finally, we greatly appreciate the interviewees’ willingness to share their time and insights with us.