CEOs of General Motors and Ford Motor Company drive to Washington DC today, cap in hand, asking for billions of taxpayers dollars. (After their embarrassing trip last month in private jets, this time Wagoner and Mullaly will be in hybrid vehicle convoys driving 15 hours each way.)

As part of their rescue plans both CEOs offer to forgo salaries and will be paid $1 each for their work.

Back in 2001 Ford announced a five year revitalisation plan. William Clay Ford took over as CEO from Jac Nasser and boldly agreed to forego salary. He took $1 per year long with options - vowing to do well as a rebound in stock would reward him amply.

Flash forward seven years and today’s CEO is proposing the same pay package. Only now the equity prices for General Motors and Ford have cratered.

CEO compensation is a hot topic - and shareholders will gladly reward pay for performance. Yet taking no pay and not performing isn’t a solution either. Slashing pay to a symbolic $1 is a public relations stunt - it grabs headlines but has no merit.

Instead I propose Wagoner and Mullaly quadruple their present salaries and challenge themselves to achieving greater results. If not then they can take their walking papers - and their money- and fly a private jet elsewhere.