EU’s Barnier Seeks Executive Pay Oversight

Plan would let shareholders veto executive pay packages.

European Union financial services chief Michel Barnier, who has already won caps on banker bonuses, is seeking to give shareholders a veto over the pay packages for executives at publicly traded companies.

Barnier published measures today that call for shareholders throughout the 28-nation bloc to vote on remuneration policies for company directors at least every three years.

‘Clear Indication’

Under his proposals, companies would be compelled to pay directors in accordance with a shareholder approved remuneration policy. That policy should be reviewed, and submitted to shareholder vote, at least every three years.

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