Executive compensation is a topic that has long generated provocative headlines and populist outrage, but until now most shareholders have been curiously reluctant to do much about it. They may soon have no choice but to get involved.

The movement in the US towards mandatory "say on pay", in which the executive compensation packages at public companies are put to shareholders for approval, took another step forward this week when Senator Chuck Schumer included the issue in a newly-drafted bill. Congressman Barney Frank had proposed an earlier version in the House of Representatives.