Keywords: executives compensation, remuneration report, say on pay.
This paper tackles the subject of managers' pay in listed companies, with particular
attention to the newly introduced duty of drafting reports on remuneration,
by analyzing multiple pieces of legislation dealing with the matter that have been enacted
at various legislative levels in our regulatory environment. The paper briefly reconstructs
the iter through which such regulatory approach has developed and verifies,
also in a comparative perspective, the level of adaptation of domestic legislation
to EC directives. Moreover, the paper conducts an empirical analysis of some management
remuneration reports recently issued by listed companies operating within
the financial and insurance industry in Italy, in order to evaluate the degree of implementation of such regulations and to point out the need of further intervention.