If a CEO runs his company profitable and delivers his promises to the share holders, pays his legal obligation in taxes, and the shareholders are happy with his or her level of compensation then go nuts get paid whatever you can get.
I strongly disagree with a government regulation of upper limits of compensation.
The economic theory is that if a CEO doesn't do a good job, fails to deliver profits to shareholders he loses that job and privileges
If he or she cooks the books or doesn't pay taxes etc then the government can step in punitively.
Does the system work? Not all the time, clearly.
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My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
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