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Rendre compte de la rémunération des dirigeants. Qu'attendre du say on pay ?

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  • François Belot
  • Edith Ginglinger

Abstract

The AFEP-MEDEF corporate governance code amended in 2013 introduces the say on pay principle, which grants shareholders the right to vote on executive remuneration at annual general meetings. This paper aims at reviewing the studies undertaken in countries that have established this principle for several years. Say on pay proposals are rarely voted down, but a marked increase in the sensibility of CEO pay to performance is observed for those companies that experienced high voting dissents. The major impacts of say on pay are a better dialogue between shareholders, CEOs and boards in advance of annual meetings as well as an increase in proxy advisory influence.

Suggested Citation

  • François Belot & Edith Ginglinger, 2013. "Rendre compte de la rémunération des dirigeants. Qu'attendre du say on pay ?," Revue française de gestion, Lavoisier, vol. 0(8), pages 57-71.
    • Handle: RePEc:cai:rfglav:rfg_237_0057
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    Cited by:

    1. Ali Dardour & Rim Boussaada & Hazar Ben Barka, 2015. "The inpact of the remuneration committee on the CEO pay-performance sensitivity [Rémunération des dirigeants et caractéristiques des comités de rémunérations des sociétés du SBF 120]," Post-Print hal-02064451, HAL.

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