Opponents of Croesus-like rewards for America's top bosses got a boost from an unlikely source this week. In a speech on June 10th John McCain, the Republican presidential candidate, railed against the iniquities of "extravagant" pay and severance deals. And he promised to force companies to seek shareholder approval for their executive-pay schemes if he wins in November. This delighted investors fighting for more say over bosses' pay and perks. RiskMetrics, a consultancy, reckons 70 "say on pay" resolutions will be tabled in 2008 asking American firms to give investors non-binding votes on compensation plans, up from 52 in 2007. So far this year such motions have won majority support at seven firms, including Apple and Motorola. In May Aflac, a health insurer, became America's first public company to hold a formal vote on its pay plan, which won 93% approval.
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