A House panel on Wednesday approved legislation written by majority Democrats to give shareholders at public companies a formal say in executive compensation packages. The proposal gives shareholders a chance to cast a nonbinding confidence or no-confidence vote on executive pay plans, allowing them to either ratify or disapprove of them. The move follows a challenge issued by President Bush earlier this year, saying that company managers and directors must step up to their responsibilities. Some are speculating, however, that the move could force more qualified executives out of the public sector and into the much more secretive and high-paying private world. Regardless, this is definitely a situation worth watching closely as it may significantly affect the corporate world in the coming years.