Barry Diller, chief executive of internet group IAC, has lashed out at corporate governance reforms for undermining the competitiveness of US business and dismissed executive compensation as "no big deal" for shareholders.

In an interview with the Financial Times, Mr Diller, one of the best-known and best-paid media executives, said the greater scrutiny of corporate America had made management overlycautious and was pushing many companies, including his own, to consider going private.