‘Say on pay’ is an important element of shareholder democracy and has been the topic of a growing body of academic literature in recent years (Cai & Walkling 2011; Conyon & Sadler 2010; Goranova & Ryan 2014). ‘Say on pay’ is a legal term that refers to the rights of ordinary shareholders to influence the executive remuneration policies and practices of the companies in which they invest (henceforth called ‘investee companies’) (Cai & Walkling 2011). Evidence in the United States (US) suggests that shareholders had raised their concerns regarding seemingly excessive executive remuneration as far back as 1933 (Marens 2002). Interest in the topic surged post-2008 as many stakeholders believed that the structure of executives’ emolument packages contributed to the global financial crisis (Bhagat & Bolton 2014; Faulkender et al. 2010).

中文翻译：

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南非公开的“有偿说法”行动主义：目标，挑战者，主题和影响

“薪水支付”是股东民主的重要组成部分，近年来一直是学术文献不断增长的主题（Cai＆Walkling 2011； Conyon＆Sadler 2010； Goranova＆Ryan 2014）。“按薪付款”是一个法律术语，是指普通股股东有权影响其投资所在公司（以下称为“被投资公司”）的高管薪酬政策和惯例（Cai＆Walkling 2011）。美国（美国）的证据表明，早在1933年，股东就看似过多的高管薪酬提出了担忧（Marens 2002）。2008年后，由于许多利益相关者认为高管的薪酬待遇结构导致了全球金融危机，对此话题的兴趣激增（Bhagat＆Bolton 2014； Faulkender等人。