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
Date Written: January 7, 2012
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: Suggested Citation