It is too soon to call it a trend, but the fact that America's normally passive shareholders have voted against executive pay packages at two big companies within a week suggests that something is going on. The 54% of votes cast against the remuneration of Sanjay Jha, Motorola's chief executive, at the phonemaker's annual meeting on May 3rd, marked the first time that American shareholders had ever rejected a boss's pay. Four days later they did it again, voting against the wages of Ray Irani, boss of Occidental Petroleum.
展开▼
