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Les facteurs déterminants de la mise en place du Say on Pay au Canada

Author

Listed:
  • Vanessa Serret

    (Université Bretagne-Sud EA 4251, IREA)

  • Sylvie Berthelot

    (Université de Sherbrooke Canada)

  • Michel Coulmont

    (Université de Sherbrooke Canada)

Abstract

(VF)Le Say on Pay (SoP) autorise le vote des actionnaires sur la rémunération des dirigeants. Contrairement à de nombreux pays, le SoP n’est pas réglementé au Canada, mais de plus en plus d’entreprises le pratiquent. Nous mettons en évidence les facteurs contribuant à l’adoption volontaire du vote consultatif. Ils résultent d’une volonté de réduction des coûts d’agence, et d’un isomorphisme des pratiques organisationnelles. Ainsi, l’activisme sous forme de propositions de résolutions, la taille de l’entreprise et la double cotation favorisent l’adoption du vote consultatif, contrairement au niveau de rémunération du dirigeant.(VA)Say on pay (SoP) allows shareholders to vote on executive compensation. Unlike in a number of other countries, SoP is not prescribed by regulation in Canada, although more and more firms are now adopting this practice. This article examines the factors underlying the voluntary adoption of the advisory vote, which are tied to a desire to reduce agency costs and the isomorphism of organizational practices. This decision is influenced by activism in the form of proposed resolutions, firm size and dual listing, rather than by executive compensation.

Suggested Citation

  • Vanessa Serret & Sylvie Berthelot & Michel Coulmont, 2016. "Les facteurs déterminants de la mise en place du Say on Pay au Canada," Revue Finance Contrôle Stratégie, revues.org, vol. 19(2), pages 1-25, June.
    • Handle: RePEc:dij:revfcs:v:19:y:2016:i:2:p:1-25.
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    More about this item

    Keywords

    gouvernance des entreprises; théorie de l’agence; rémunération des dirigeants; Say on Pay; théorie néo-institutionnelle; corporate governance; agency theory; CEO compensation; advisory vote; institutional theory.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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