“Everyone complains about the weather,” Mark Twain is supposed to have said, “but no one does anything about it.”

The same has been true of executive pay in recent years. Although both the amount of money executives earn and the way exec compensation is structured have come under fire from everyone from Occupy protesters to Harvard Business School professors to the occasional CEO, very little has actually changed.

Until now. Israel’s parliament just unanimously passed a law capping the amount of money a banking or insurance CEO can earn at 44 times what the lowest-paid employee earns, or 2.5 million shekels (about $661,000). That’s a big drop from what Israeli CEOs in those sectors are earning now, with some pulling in as much as 8 million shekels (or about $2.1 million), according to the Guardian.

It’s true that Israelis are generally more egalitarian in their views on compensation than people in other countries. According to a study my HBR colleague Gretchen Gavett covered in 2014, researchers Sorapop Kiatpongsan and Michael Norton found that people in Israel put the ideal CEO-to-worker pay ratio at almost half of what Americans said it should be. But even under the new law CEOs will still be able to earn far more than that ideal.

Remember, under the new law, an Israeli banking CEO will be able to earn 44 times what the lowest-paid worker earns. But according to Kiatpongsan and Norton’s study, the ideal multiplier in Israel is 3.6. (One caveat: It’s not a perfect, apples-to-apples comparison, since the study focused on ”unskilled” workers, who aren’t necessarily the “lowest-paid” workers affected by the new Israeli law. But surely the two are within walking distance.)

Still, 44-times-larger pay is much less than what CEOs in other countries earn, relative to their workforces. Using the Kiatpongsan and Norton research to explore this scenario further, an average British CEO earns 84 times more than an unskilled worker; an Australian 93 times more; a German 147 times more; and an American, all the way at the top of the scale, 354 times more. So the Israeli law marks a big shift in the opposite direction, even though it only applies to insurance and banking CEOs.

It’s worth asking why the reality of CEO pay is so different from the ideal. Well, other research has shown that most of us have no idea whether we’re paid fairly — and that cluelessness extends to what others earn. As this video, based on Kiatpongsan and Norton’s research, makes clear, we’re also oblivious to just how much our CEOs are earning: