President Bush urges Wall Street to tie executive pay to performance

President Bush today said the compensation of chief executives should be tied to their performance.

During the speech on Wall Street, Bush said that while the government shouldn't decide how America's corporate executives should be compensated, pay should be based on their individual success at improving their companies.

Bush also said America's corporate boardrooms must show the world that American businesses are a model of transparency and good corporate governance.

He also touted the new Securities and Exchange Commission rules that require clearer disclosure of executive compensation.

"Shareholders should know what executive compensation packages look like," Bush said.