LONDON, Aug 19 Britain’s bluechip firms last year slashed chief executive pay as the pandemic struck but the head of Covid vaccine maker AstraZeneca still pocketed a chart-topping £15.45 million (RM90 million), a survey showed Thursday. With many businesses plunging into sharp losses as the.
Divided into three empirical essays, this thesis investigates the antecedents and consequences of ‘Say on Pay’ voting outcomes in Australia for the period 2005 to 2018. Further, by exploiting a unique panel dataset spanning the CLERP 9 and ‘Two Strikes’ rule ‘Say on Pay’ regimes, the essays consider the impact of changes to ‘Say on Pay’ legislation on firm-level characteristics. This set of empirical essays contributes to addressing questions regarding the value of ‘Say on Pay’ legislation in the Australian context. The first essay examines how CEO pay influences, and is influenced by, firm-level ‘Say on Pay’ voting outcomes. Further, through a series of event studies, it explores the market reaction to both the passage of the ‘Two Strikes’ rule in 2012 as well as market reactions to firm-level ‘strike’ occurrences after 2012. The findings indicate that: (i) negative ‘Say on Pay’ voting outcomes are increasing (decreasing) in CEO pay (firm performanc