Activismo accionarial y retribución directiva: la influencia del say-on-payen las empresas cotizadas españolas

  1. Gregorio Sánchez Marín 2
  2. Juan Samuel Baixauli Sole 1
  3. Lozano Reina, Gabriel
  1. 1 Universidad de Murcia
    info

    Universidad de Murcia

    Murcia, España

    ROR https://ror.org/03p3aeb86

  2. 2 Universidad de Alcalá
    info

    Universidad de Alcalá

    Alcalá de Henares, España

    ROR https://ror.org/04pmn0e78

Revista:
Revista de Trabajo y Seguridad Social. CEF

ISSN: 2792-8314,  2792-8322

Año de publicación: 2023

Número: 472

Páginas: 217-244

Tipo: Artículo

DOI: 10.51302/RTSS.2023.3359 DIALNET GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Revista de Trabajo y Seguridad Social. CEF

Resumen

El say-on-pay (SOP) es una votación realizada en junta general que permite al accionariado pronunciarse –mediante un voto a favor, en contra o una abstención– acerca de la idoneidad de la retribución directiva. Esta votación, implementada originariamente por el Reino Unido en 2002, ha sido acogida en multitud de países, adoptando diversas tipologías. A pesar de las evidencias existentes hasta la fecha, sigue existiendo cierta controversia sobre su efectividad, siendo el contexto español de especial interés por sus especificidades de gobierno corporativo. En este sentido, el objetivo de este trabajo es explorar los efectos del SOP sobre el diseño de la retribución de los CEO de las empresas cotizadas españolas durante el periodo 2013-2020, analizando el grado de activismo existente, así como los efectos de la votación sobre el diseño de los paquetes retributivos. Los resultados indican que el SOP estimula la participación del accionariado en los asuntos de gobierno corporativo relacionados con la retribución, además de fomentar diseños retributivos para los CEO más alineados con los resultados empresariales.

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