How to end excessive pay?

Everybody has an opinion on executive pay, and we want to hear what you think and why.  

Critics say that there has been a market failure, and institutional investors and executive search agents are often blamed.  Is high pay the only way that organisations can attract and retain talent? Should the government intervene or would that result in an exodus of talent from the UK?  Do business leaders add sufficient value which justifies what they get paid? 

We think that only acknowledging that there is a problem in egregious cases of 'rewards for failure' is insufficient, but where do we go from here?