Robert Monks, the longtime corporate governance advocate, calls it "the scars of progress."

Perhaps most disappointed were institutional investors and corporate governance advocates who were hoping Mr. Bush might endorse some proposals they had long advocated.

Corporate governance advocates, not surprisingly, disagreed.

Corporate governance advocates said they were generally pleased with the new regulations, despite some qualms that some specific rules did not go far enough.

Other governance advocates said that some of the final rules were watered down.

But the biggest hammer could fall on the board itself, warn some corporate governance advocates.

"I don't actually believe we have made any real progress - or very, very little," said Robert A. G. Monks, a longtime corporate governance advocate.

And corporate governance advocates considered it an outrageous extra on top of already outsize pay.

Still, corporate governance advocates said the practice left the door open for abuse.

Otherwise, the board could face even more criticism from opponents and corporate governance advocates.