Many of the Government interventions across Europe relate to improved disclosure and giving shareholders a greater “say on pay”. As a pre-dominant theme of institutional investors continues to be the linkage between pay and performance, companies wishing to avoid a low vote will need to ensure that both the structure and outcomes of their remuneration arrangement are acceptable to investors.

Despite certain political and populist calls, pay caps remain restricted to certain parts of the financial services sector and (for France and Belgium) state owned organisations.