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But Mark Reid, the head of Towers Perrin's UK compensation practice, says that investors in British companies have recently become far more involved in setting executives' pay and are opposed to the globalisation of American norms.
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Trade union officials backed calls for employees to be given a role in setting executive remuneration levels.
The pay reforms put in place last year were aimed at making the process of setting executive compensation more open.
This comes after Greene was forced to hand back a £250,000 housing allowance last year, prompting her to bemoan "the hopelessly broken" system for setting executive pay.
The activist policies of Calpers, meanwhile, are aimed at promoting respect for minority shareholders' rights, independent boards of directors and greater openness in setting executive pay.
Such a strategy would reverse decades of growing leverage on bank balance sheets, and it could mean lower returns on equity, which is often the measure banks use in setting executive compensation.
Analysis of the fees paid to non-executives at Britain's top businesses shows that the biggest rise was for directors charged with the increasingly controversial task of setting executive pay rates.
"Setting executive remuneration in a volatile industry such as mining can be challenging and the remuneration committee intends to again engage with shareholders in order to refine the policy to ensure that it is both appropriate and motivational," it said.
Shareholders now have a binding vote on remuneration policy once every three years and companies must take into account the pay and conditions of the average employee when setting executive pay.
I've said repeatedly that I don't want Congress involved in setting executive pay, and I still believe that.
The Dow Jones industrial average hit a 5-year low of 6,470 in March 2009, around the time when most companies were setting executive pay targets for the year.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com