Fidelity's suggestion that there will be an annual binding vote on individual director's pay further raises the heat on the remuneration debate. Theresa May, in one of her first speeches after she became prime minister, made it clear that excessive board pay was close to her heart. 

The Remuneration Committee (REMCO) is one of the key roles for independent directors and will remain so, but the discretion of the independent directors in setting incentives and base pay will, under Fidelity's proposals, be taken away and shifted to shareholders.

REMCOs have no-one to blame but themselves. Company after company have put in place incentive plans which give executives significant reward for matching peer performance whilst not penalising failure. 

Statutory regulation would be a sledgehammer but time is running out to show REMCOs have the skill and ability to get executive pay off the AGM agenda.