Say on Pay

This Research Spotlight provides a summary of the academic literature on how shareholder voting on executive compensation plans influences executive pay. It reviews the evidence of:

• The impact of “vote no” campaigns
• The impact of shareholder voting on equity compensation plans
• The market reaction to say-on-pay legislation and proposals
• The impact of say on pay on future pay practices

This Research Spotlight expands upon issues introduced in the Quick Guide “CEO Compensation.”