Say on pay is demanding far more time and energy than expected, and its full impact on the world won't be known for years. The 2011 proxy season was the first time publicly traded firms in the U.S. were required by law to solicit from their shareholders advisory yes or no votes on the pay package awarded to the CEO. In every industry, the median CEO received a raise (positive year-on-year change) in total CEO compensation. The mix of pay shifted some. For example, in the communications industry, the average share of total compensation paid in salary fell by 6.53 percentage points to just over one-quarter of total compensation. On average, salary's share of total compensation fell in all but two of the 22 industries. That these changes occurred in the year that U.S. say on pay regulation came into effect is not substantive evidence, however, that the say on pay votes caused these changes.

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