“The Home Depot board has awarded [CEO Robert L. Nardelli] $245 million in his five years there. Yet during that time, the company’s stock has slid 12 percent while shares of its archrival, Lowe’s, have climbed 173 percent. Why would a company award a chief executive that much money at a time when the company’s shareholders are arguably faring far less well? Some of the former Home Depot managers think they know the reason, and compensation experts and shareholder advocates agree: the clubbiness of the six-member committee of the company’s board that recommends Mr. Nardelli’s pay.”

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