In 2003, the UK adopted a ‘say on pay’ policy, whereby quoted companies’ executive compensation offers have to be put to a shareholder vote. This column presents evidence that this policy has had a relatively modest impact on executive pay. A 10% increase in compensation is associated with an increase in shareholder dissent against the proposal of just 0.2%. However, remuneration committees representing the more highly rewarded CEOs are quite sensitive to dissent, provided it exceeds a critical threshold of about 10%. Shareholders do not appear more anxious about pay since the crisis.
Though skilled immigration is of great importance to the US, no consensus has been reached in the public discourse about its effects on citizen workers and economic growth. This column looks at a different perspective of this relationship. It explores the effect of skilled immigrants on the employment structures of US firms using employer-employee data. The results show the total skilled employment by the firm increases with increases in skilled immigrant employment. However, the employment expansion is greater for younger natives than for their older counterparts.
The surge in unemployment in many EU countries has prompted concerns that the underlying structural unemployment has shifted upwards, so that high rates of joblessness could persist also once the recovery is on a solid footing. In this column we draw on recent analysis (European Commission, 2013) and focus on two issues: to what extent the reduced efficiency of labour market matching is contributing to growing structural unemployment? Which are the main drivers of matching efficiency across the EU?
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