William McDonough, head of the Public Company Accounting Oversight Board, warned corporate directors that Americans are still angry about corporate scandals, and CEO compensation is at the top of their list of concerns.

"As corporate directors, you should think long and hard about the compensation of the executives who head the corporation you are sworn to protect," he said at a meeting of the National Association of Corporate Directors.

Both McDonough and SEC Chairman William Donaldson have been speaking out against lavish pay and stock compensation packages for CEOs of public companies. Both have called for a revamping of the way Boards of Directors look at CEO pay, encouraging them to adopt a much longer term strategy versus the quarter-to-quarter focus that many companies have now.

McDonough spoke out about strictly adhering to the letter of the the new rules while ignoring the spirtit of restoring investor confidence. "Checking boxes won't cut it in this new world. The people are still angry,"