CEO compensation is a tricky issue for Fortune 500 corporate communicators. That is especially true now. When most Americans are still feeling the aftermath of the recession, Wall Street and company bottom lines seem to not only be healthy, but thriving.

A recent Wall Street Journal article found the median value of overall compensation for chief executives at the largest US companies surged by 11% in 2010. The rise followed a year in which pay for the top boss was flat ...