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Not so long ago, the “say on pay” movement – the effort by institutional shareholders to get US companies to have non-binding votes on executive compensation – seemed to be losing steam. But there is quite a head of steam now.
Not only have federal bail-outs for financial companies made taxpayers more angry about high executive compensation but Barack Obama, who pushed the idea in the Senate, has been elected as the next president.
The change in atmosphere struck me this morning as I listened to a panel discussing the topic at a Manhattan breakfast organised by the Drum Major Institute for Public Policy, which was founded during the Civil Rights movement.
Of course, you might expect a bunch of people from union and public sector pension funds, which have been among the leading forces pushing “say on pay” to be gung-ho about their campaign and its chances of success.
But what struck me was the renewed sense of self-confidence that this was actually going to happen, whether or not many US corporations like that. Read more
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