But what would happen if other shareholders were given a choice?

He says shareholders will be given "much greater power" over executive pay.

It also required an offer to remain open for at least 20 business days, to give management, shareholders and the markets time to respond.

Existing shareholders are given the right to purchase new shares at a set price.

Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance.

And shareholders are now being given more leeway to directly influence the governance of their funds.

That involved a rights offering, in which each shareholder would be given the right to buy shares at $12 each.

If the deal goes through, shareholders for the two would be given stock in the new combined company, but no premium to the stock's current price.

Nonetheless, she said, "we think this gives shareholders looking for liquidity a better exit."

Giving shareholders a vote will change nothing, as most of them are institutions with senior managers paid in the same way as company directors.