Foreign Execs' Pay Less--If You Don't Count Golf Clubs

NEW YORK — Chief executives of U.S. companies have higher salaries than their German and Japanese counterparts, but perks such as golf club memberships and other compensation narrow the gap, according to Forbes magazine.

In its June 7 issue, the magazine reported that the 20 highest-paid U.S. corporate bosses earned an average of $4.8 million last year. Those in Germany earned an estimated $1.8 million and in Japan an estimated $530,000.

Little public disclosure of executive compensation is required outside the United States. Forbes based its report on an examination of tax filings, footnotes in corporate documents and interviews.

The magazine said, however, that companies in Germany and Japan engage in discreet, untaxed forms of compensation. Those include higher spending on corporate entertainment, club memberships, credit cards and household help.