Executive Director of the ASI, Sam Bowman, has had his letter discussing CEO pay featured in the Independent.

It simply does not make sense to compare the rate of growth in CEO pay and firm value, as Ben Chu does ("Think the market is always right when it comes to top pay? Think again", 11 January).

A CEO on an annual salary of £1m could be given an extra £1m pay rise after raising her firm's value by £1bn, from £100bn to £101bn. Comparing the 100 percent growth rate in her salary with the 1 per cent growth rate in the firms value will not tell us anything useful about whether she is being paid fairly.