AS the "shareholder spring" of protest on executive pay continues, does good or bad governance really matter for investors?
Certainly, weak share prices bring executive pay into sharp focus. Yet we know that however large the pay numbers might look, rarely are they material relative to total company value. And all shareholders want to attract the very best management. So, are shareholder revolts just a way of letting off steam? Or does it actually mean anything for how the shares perform?
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