Obama Should Have Overpaid CEOs Shaking

The letter was one in a series that addressed concerns the association has regarding Treasury's capital purchase plan.

A spokesman said Thursday that the group is "willing to work with the new administration to make sure they understand our concerns."

Sun Microsystems (JAVA) investors earlier this week became the latest shareholders to vote for nonbinding say on pay measure at the company. Sun said it would take the idea under advisement.

Last year, insurer Aflac (AFL), became the first publicly traded company to voluntarily grant shareholders a nonbinding say on pay. And with the threat of overarching compensation reform, other companies may take it upon themselves to institute changes so as to lessen the pain.

"It may actually be that the threat and overhang of potential government action will cause some companies to go ahead and relent on some issues such as say-on-pay [proposals], but it remains to be seen," Allen says.

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