ARTICLE 9A AND 9B: SAY ON PAY

Article 9a requires the general meeting of shareholders to vote on the remuneration policy at least every four years and on every material change. Article 9b provides the right to an annual advisory vote on the remuneration report that contains all components of the remuneration package of each individual director. These articles elaborate both voting rights of the shareholders and foresee in a number of options how the vote and the content of the remuneration policy and the remuneration report can be structured. This chapter assesses all choices of both articles of Directive 2017/828.