When dissenting shareholders at Citi and Barclays exercised their say-on-pay rights in the spring of 2012, the issue of executive pay -- already much criticized since the crisis -- was thrust back into the spotlight.
Holding a say-on-pay vote has been compulsory at U.S. firms since 2011 under the Dodd-Frank Act, although such votes are only advisory.
More recently, however, the United Kingdom unveiled another raft of say-on-pay legislation, giving investors an even greater say on pay packages through a binding, versus advisory, vote.
See full Press Release: http://www.ieseinsight.com/doc.aspx?id=1412&ar=7
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