International - Say on Pay
2015.Feb.24 Italian Say on Pay - discussed in Harvard Law Governance Blog.
2013.May.13 "Does Say on Pay Matter? Evidence from the German natural Experiment" (Oxford Univ.), seeming to find that say on pay does curb executive compensation, with the report including a comprehensive country-by-country appendix, and with supporting data for the following conclusion:
2014.Jan "Say on Pay Around the World" -- draft paper (by Randall Thomas and Christopher van der Elst) discusses "compelling reasons" for the expanded adoption of say on pay laws.
2013.Jan.10 Say "Before" Pay? Israel's New Law Brings Innovation. This Harvard Governance Blog describes a new "Say Before Pay" law that took effect in Israel just about a month ago. The authors advised the Justice Department's committee that formulated Israel's executive compensation reform. Although not going so far as to require binding say on pay (see the next blog), Israel has injected a twist in that the shareholder advisory vote on executive compensation - and CEO employment agreements - must occur before they become final. As described in the blog, Israel's law reflects US and UK rules relating to compensation committee independence, as well as policies favoring clawbacks and long-term performance-based compensation that takes risk into consideration. These practices are consistently being endorsed as executive compensation controls continue to go global . . . with all trending toward more and more shareholder empowerment.
2011.Sept.22 Global Perspective -- Mercer Alert, providing the following background context: "the concept of shareholders casting votes on executive compensation already had a precedent in the United Kingdom (2003), and the intervening years witnessed analogous rules in the Netherlands (2004), Australia (2005), Sweden (2006), Norway and Denmark (2007) and Germany (2009), among others."
Copyright © Joseph Poerio. All rights reserved.