GM’s Barra saw her compensation more than double to $36.3 million, much thanks to stock options worth $20.1 million. More than half of those will vest only if the company beats the median total shareholder return of a group of its closest competitors, including Volkswagen AG and Mazda Motor Corp.

Marillyn Hewson, chief executive of defense contractor Lockheed Martin Corp., was awarded $28.3 million last year and ranks No. 4 on the index. About $8.4 million of that figure came from an increase in the value of her pension.

Top Talent

Boards recognize that top talent comes at a cost, said Conrad Pramboeck, head of compensation consulting at executive search firm Pedersen & Partners. “If you settle for the third or the fourth best candidate because the first is too expensive, that can become an expensive decision in the long-term since a bad manager can ruin a company,” he said.

The Bloomberg Pay Index tracks the 200 highest-paid executives who appear in the filings of companies that submit proxy statements to U.S. regulators. Awarded pay values equity grants at each company’s fiscal year-end and can therefore differ from what’s reported in proxy filings. The ranking is based on proxy statements submitted through May 13.

Spokesmen for Oracle, Alphabet, GM, Apple and Lockheed declined to comment.

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