Shareholders Want "Say On Pay"

Law360, New York (February 26, 2007, 12:00 AM EST) -- With CEO compensation soaring to new heights, shareholders, who have traditionally had little say in their executives’ pay, are now submitting shareholder proposals seeking advisory votes, according to Institutional Shareholders Services.

The corporate governance group said Friday that investors have submitted shareholder proposals seeking votes on executive pay at roughly 60 companies, including Citigroup Inc., Wells Fargo & Co. and Johnson & Johnson.

The ISS’ announcement follows a decision by insurance company Aflac Inc. to allow investors a non-binding vote on executive compensation, beginning in 2009....
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