Ausgewählte Aspekte Der Vorstandsvergütung: Say-on-Pay-Abstimmungen Im Rahmen Der Hauptversammlung – Ergebnisse Einer Empirischen Analyse Der HV-Saison 2010 (Selected Aspects of Executive Remuneration in Listed Firms: Say-on-Pay Votes at the Annual Meeting - Results of an Empirical Analysis from the Annual Meeting Season 2010)

HHL Center for Corporate Governance Research Paper No. 7

10 Pages Posted: 6 Feb 2012

See all articles by Marc Eulerich

Marc Eulerich

University of Duisburg-Essen, Mercator School of Management

Marc Steffen Rapp

University of Marburg - School of Business & Economics; University of Marburg - Marburg Centre for Institutional Economics (MACIE)

Michael Wolff

University of Göttingen

Date Written: January 7, 2012

Abstract

Since August 2009 the German law provides the possibility of a non-binding (and not contestable) so-called "Say-on-Pay" vote. The legislature has thus created a new instrument, which allows the firm - without threatening side effects – a voting on the management compensation system by shareholder approval as part of the Annual General Meeting. This paper examines the use of this instrument by German Prime Standard firms during the 2010 AGM season and analyzes the shareholders voting behavior.

Note: Downloadable document is in German.

Keywords: Say-on-Pay, Management Compensation, VorstAG

JEL Classification: G30, G38, J30, J33

Suggested Citation

Eulerich, Marc and Rapp, Marc Steffen and Wolff, Michael, Ausgewählte Aspekte Der Vorstandsvergütung: Say-on-Pay-Abstimmungen Im Rahmen Der Hauptversammlung – Ergebnisse Einer Empirischen Analyse Der HV-Saison 2010 (Selected Aspects of Executive Remuneration in Listed Firms: Say-on-Pay Votes at the Annual Meeting - Results of an Empirical Analysis from the Annual Meeting Season 2010) (January 7, 2012). HHL Center for Corporate Governance Research Paper No. 7. Available at SSRN: https://ssrn.com/abstract=1998813 or http://dx.doi.org/10.2139/ssrn.1998813

Marc Eulerich

University of Duisburg-Essen, Mercator School of Management ( email )

Lotharstrasse 65
Duisburg, 47057
Germany
00492033792600 (Phone)

HOME PAGE: http://www.msm.uni-due.de/ircg

Marc Steffen Rapp (Contact Author)

University of Marburg - School of Business & Economics ( email )

Am Plan 2
Marburg, D-35037
Germany

University of Marburg - Marburg Centre for Institutional Economics (MACIE) ( email )

Am Plan
Marburg, 35032
Germany

Michael Wolff

University of Göttingen ( email )

Platz der Göttinger Sieben 3
Göttingen, DE 37073
Germany

HOME PAGE: http://www.contolling.uni-goettingen.de

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