Consequences of significant minority shareholder revolt over executive pay

Say on pay is nowadays a generally accepted corporate governance tool to address excessive executive pay practices. Whereas controversial say-on-pay resolutions are seldom defeated in AGMs, they can face significant minority shareholder opposition. Recently, several countries amended existing say-on-pay rules to attach various legal consequences to significant minority shareholder revolt. This article discusses the desirability of new rules in the UK, Australia and the Netherlands from a legal and practical perspective.