EU Commission to propose shareholders vote on executive pay

BRUSSELS, March 6 Wed Mar 6, 2013 10:58am EST

BRUSSELS, March 6 (Reuters) - The European Commission plans to propose legislation by the end of this year that would give shareholders in EU companies a mandatory vote on executives' pay.

"I am in favour of making shareholders more responsible on pay," Michel Barnier, the commissioner in charge of financial regulation, said in a statement to Reuters.

"I am currently working on EU legislation that would give shareholders a mandatory say on remuneration," he said.

A spokesman for the commissioner said the proposal would be made this year.