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MOST firms' annual general meetings (AGMs) owe more to North Korea than ancient Greece.

大多数公司的年度大会(AGMs)相比起古希腊更应该感谢朝鲜。

By long-standing tradition, bosses make platitudinous speeches, listen to lone dissidents with the air of psychiatric nurses towards patients and wait for their own proposals to be rubber-stamped by the proxy votes of obedient institutional investors.

依据长期以来的传统，在大会上，老板做着乏善可陈的讲演，带着精神科护士对待病人的神态 任凭反对者孤军奋战，只等着逆来顺受的投资者在自己的提案上盖章。

According to Manifest, a shareholder-advice firm, 97% of votes cast across Europe last year backed management.

像股东决策公司Manifest，去年在欧洲就以97%的选票将决策权归还给了管理层。

So should corporate democrats be cheered by the rebellion over pay at Royal Dutch Shell? At the oil giant's AGM on May 19th, 59% of voting shareholders sided against pay packages for top executives. In particular they disliked €4.2m ($5.8m) in shares dished out to five executives, which comprised about 12% of their total pay for 2008.

那么，应该让这种在壳牌公司不断高涨的抗议为公司的民主制度而欢呼吗？在该石油巨头5月19号的公司年度大会上有59%的股东反对高层主管的薪酬方案。他 们尤其不满的是将由5位主管瓜分股份中的580万美元，而这些钱是他们2008年收入的12%。

Under the firm's rules, such awards should be granted only if Shell's total return in the year is in the top three of its peer group. In 2007 and 2008, Shell came a very close fourth, so the firm decided to pay out anyway.

根据公司规定这笔奖金只有当壳牌公司资产总额于当年位居同 行第三时才能发放。在2007与2008年，壳牌位居非常接近目标的第四位，于是公司还是决定发放奖金。

Shell is hardly a poster child for malfeasance: it is performing well, its pay is similar to that at other big oil firms and its shareholders previously gave directors discretion to bend the rules. They have used it to cut pay in the past. Still, although the vote is not binding, it is seriously embarrassing. The turnout was decent, at about 50%, and several big fund managers were clearly furious. The payouts have already been made and probably cannot be reversed, but Shell will be in disgrace for a while. Jorma Ollila, its chairman, said he took the vote "very seriously" and promised to "reflect carefully". After GSK, a British drugs firm, had a rebellion on pay in 2003, it completely redrew its pay policy.

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