May 22, 2019
UK’s Binding Say-on-Pay: Three Years of Results
– Broc Romanek
This BBC article reveals how binding say-on-pay has worked in the United Kingdom over the past three years. Here’s the intro:
Since 2013, all listed firms have had to give shareholders a binding vote on top boss pay at least once every three years. But the High Pay Centre said that every single vote at a FTSE 100 firm was approved between 2014 and 2018. The government said new reforms were making companies “more accountable”.
The research looked at more than 700 pay-related resolutions voted on at the annual general meetings of FTSE 100 firms. It found only 11% attracted “significant” levels of dissent of over 20% of shareholders.