Sort of good and sort of bad - some percentage of the time this would lead to zero money changing hands as the executive is bankrupt or has no assets.

I agree with this, and it could be constructed out of shareholder rights. Perhaps it could only be applied past a certain threshold of compensation, say, 100x the median wage. ($4.6mm [1].)

I’d argue the threshold should be final, unappealable regulatory penalty or criminal conviction of the corporation.

[1] https://usafacts.org/data/topics/economy/jobs-and-income/job...