“Does ‘Say on Pay’ Work? Lessons on Making CEO Pay Accountable,” by Dr. Stephen Davis, Millstein Center Fellow, is the first of a series of Millstein Center policy briefings on current global corporate governance policy issues. The report looks at the UK requirement for advisory annual shareholder votes on executive compensation policy. It examines literature on the subject, trends in voting on UK remuneration reports, and the effects, if any, on performance, voting results, general outcomes, levels of opposition, and areas of controversy through case studies of companies with controversial votes. Using the UK as a pilot market, the policy briefing looks for insights and lessons as Congress considers adopting “say on pay” legislation in the United States. With Center staff, Dr. Davis has led focus groups and interviews in the UK and United States in cooperation with the Association of British Insurers, Institute of Chartered Secretaries and Administrators, and International Corporate Governance Network. Policy briefing findings are expected to be key inputs for the House Financial Services Committee and the corporate-investor Working Group on Advisory Votes on Compensation.
Link to "Does 'Say on Pay' Work?" Policy Briefing
Link to Board-Shareowner Communications on Executive Compensation Summary Findings
