illegitimi--a couple of things you need to keep in mind: #1 is that in private business, you are accountable for what you do for and with the monies of the shareholders, usually based on how well you perform;  #2 is that city funds are raised primarily by taxing the public (i.e. property taxes) and the public is therefore entitled to know exactly how our money is spent, including salaries of executives.
I have little interest in what executives of corporations make because I'm not paying higher and higher taxes to them.  I am paying for city officials and am therefore entitled to know what they get.