In $"$Do CEOs Get Paid Too Much?" Jeffrey Moriarty argues that the following is a reason to believe that directors are not acting independently when they set CEO salaries?

They are grateful for the role that the CEO had in selecting them to serve on the board.

None of these

Directors have little to no accountability to the shareholders.

All of these

Higher pay for a CEO may translate into higher pay for directors who serve as CEO's at other companies.