Murdoch's pay - take that, me! News Corp's board has cut Rupert Murdoch's pay because of his botched handling of the UK phone hacking scandal. He will receive $30m in 2012, compared with $33m a year ago. It is good to see chairmen holding their chief executives to account like that. Next thing we know, Mr Murdoch will fire himself. Of course, if he was truly cross with himself, the Fox-owning Mr Murdoch could force himself to watch MSNBC for a month. That would really set an example for his fellow tycoons. Warren Buffett could give up Cherry Coke if he gets an investment wrong. Mark Zuckerberg could wear a suit until Facebook's shares recovered. Ivan Glasenberg could spend time down a mine if Glencore's bid for Xstrata fails. It is high time that remuneration committees got serious.