Say on pay : quel bilan ?

On en parle, on en débat, on en discute mais sait-on si le "Say on pay" a apporté les résultats escomptés ? La démocratie actionnariale n'est-elle qu'un leurre (le "mythe fondateur" comme l'écrit M. Peyrelevade) ou, est-elle véritablement l'avenir du corporate governance ? De belles interrogations auqxquelles le document "The report, Say on Pay: Six years On - Lessons from UK experience" apporte des éléments de réponse (ici). Un bilan finalement encourageant ...

The US should introduce a shareholder advisory vote on executive compensation, as experience in the UK has demonstrated that it has been an effective tool for investor engagement, according to a new study published by PIRC and Railpen. The report, Say on Pay: Six Years On, reviews the UK‟s experience of shareholders having an advisory vote on remuneration since its introduction in 2003. It is intended to inform the debate in the US over the introduction of a similar advisory vote. The study argues that this extension of shareholder rights in the UK has encouraged greater investor engagement over pay, and has led to increased, and better quality, dialogue with companies over remuneration policy. It has also resulted in the performance-related elements of remuneration forming a much larger part of the total, as shareholders have sought to use pay policy to align directors‟ interests with their own. But the report also highlights the need for investors to use the new right effectively once it has been granted.

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