Financial services industry scandals have led to new pledges of better governance by companies, but for most, those promises have not led to salary reductions for executives, TheStreet.com reports.

The average compensation has actually gone up 27% to $4.6 million from 2002 to 2003, according to governance research company The Corporate Library. Sure, some companies have cut stock options and bonuses, but during these tumultuous times, the salary increases are at best, questionable.

Now that the market has rebounded a bit, TCL’s Paul Hodgson said the higher compensation is not much of a surprise."The fact that the market recovered somewhat has been a green flag to say, 'OK guys, it's payday again,'" he said.

At Viacom, Bear Stearns and a number of other firms, TheStreet.com found that companies actually increased executive compensation in spite of poor company performance.

So while firms are pledging to govern better, it seems that it still has not trickled down to executive compensation. Maybe only then could they call it "great governance" instead of just "good governance."

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