The public believes that “say on pay” reduces executive compensation and leads to improved compensation practices. The research evidence, however, shows this is not the case. Is it time to rethink say on pay? The Closer Look series is a collection of short case studies through which we explore topics, issues, and controversies in corporate governance. In each study, we take a targeted look at a specific issue that is relevant to the current debate on governance and explain why it is so important.