Shareholders’ Say on Pay: Does It Create Value? PoorSatisfactoryGoodVery GoodExcellent Be the first. (0 ratings) Log in to rate this article. CFA Digest August 2011 | Vol. 41 | No. 3 | 3 pages Source: CFA InstituteJie Cai Ralph A. WalklingThomas M. Arnold, CFA (Reviewer) Read Abstract Since 2003, the U.S. SEC has required shareholder approval only of equity-based compensation. In 2007, the U.S. House of Representatives passed the say-on-pay bill, which would give shareholders an annual advisory vote on all executive pay. The market reaction was favorable for companies with “overpaid” CEOs and for companies with CEOs who do not have high equity ownership. View more information Topics Financial Statement Analysis : Analysis of Pensions, Stock Compensation, and Other Employee Benefits | Portfolio Management : Execution of Portfolio Decisions (Trading) · Environmental, Social, and Governance (ESG) Investing and Faith-Based Finance Credits · About the CE Program 0 CE (including 0 SER) Record credits Credits recorded Members, log in to record your credits. Manage CE Credits Loading ...