Pay up, votes down – The continued reluctance of many shareholders to hold corporates to account on executive pay levels, as witnessed in AGM voting this week, could be explained by the above-mentioned institutional investor survey. Shareholder advocacy group ShareAction has led a campaign against the £14.8 million pay deal offered to Tim Steiner, CEO of Ocado, partly based on the UK-based online grocer's failure to pay a real living wage to employees. But less than one in five shareholders joined the revolt – a slump from the 30% who voted against director pay awards last year. This is less than surprising when one considers that just 20% of investors responding to the Stanford survey said they explicitly considered in their investment analysis the ratio of CEO pay to that of the median worker.