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Moreover, Asian regulators have set no limits on pay practices.
Then the Merlin agreement between the banks and the coalition shed light on pay practices at the high street banks.
Companies still rely heavily on it and so do the powerful proxy advisory services that suggest how shareholders should vote on pay practices and director elections.
At T. Rowe Price, votes on pay practices are made on a case-by-case basis, using a proprietary and quantitative scorecard initially, a spokesman, Bill Benintende, said.
Some 50.18 percent of Verizon shares cast at the annual meeting favored giving investors the right to vote up or down on pay practices each year.
The other is a coalition of senior executives of large corporations and their lobbyists who have succeeded in the past in blocking or diluting meaningful restrictions on pay practices.
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And it provides the perspective that shareholders desperately need, particularly now that they are being asked to vote on corporate pay practices.
Ms Lagarde plans to use the next G20 meeting in Pittsburgh in September to push other countries to clamp down on controversial pay practices.
Many shareholders appear to believe that in the post-Enron era, criticism of companies is warranted, especially on executive pay practices and overly compliant boards.
But with the spotlight now on executive pay practices, senior administration officials are moving to address concerns at firms well beyond those implicated in the crisis.
Vince Cable, the business secretary, presented the measures to Parliament on Wednesday, saying they would provide shareholders with new powers to hold companies accountable on their pay practices and increase transparency.
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