Academic rewards

The Times  is exercised about the salaries of university vice-chancellors:

The universities minister, Jo Johnson, has called for VCs’ salaries to be pegged to that of the prime minister at £150,000. I took a cut last year from my salary of £185,000 and this year I have agreed it should come down to £150,000, the balance being paid back to the university for charitable purposes. My university is small, albeit growing quickly and first in the country for teaching quality, so my salary should be less than the others. But no vice-chancellor should be paid more than £350,000 and then only at those institutions such as Oxford, Cambridge and Imperial which are at the top of the international rankings and attract leaders from across the world.

Does anybody in any profession need to be paid more than £350,000 per annum?  Indeed, is £350K not at an excessively high amount?  

And it is an essentially circular argument to suggest that, as others gain, so should I.  The whole system of executive pay has spiralled out of control and common sense.