Investor activists are making the most of the push for "say on pay" proposals, where they get an annual, non-binding vote on the compensation of top executives, with more than 90 U.S. companies this year, compared with 73 last year and nine in 2006, reports The Wall Street Journal.

Bloomberg reports that it hasn't stopped boards cranking up executive pay but that misses the point. Giving investors a say on pay has long term implications.

As I have said before, whenever these measures have been introduced in other countries, including Australia, business has always been screaming that it would be the end of the world as we know it. That never happened. Where it's been introduced, it's had a big impact on boards. The vote is non-binding but if it keeps happening, boards know that it will spill over into fights on other matters, including the re-election of incumbent directors.