Earlier this week, AFLAC Incorporated (NYSE: AFL) became the first publicly traded U.S. company to have a vote on its executive compensation.

In an outcome that speaks volumes about the company and its leadership, 93% of shareholders approved of CEO Daniel Amos' $11.96 million compensation package - with only 3% voting against it.

Such results are not surprising given that in Amos' 18 years at the helm AFLAC shares have risen more than 3,000%.

However, even if shareholders had overwhelmingly disapproved, such "say on pay" votes are only a barometer of sentiment. The company's compensation committee still has final decision power over pay.

Even though the vote only cheered the status quo, it is an important symbolical step for a U.S. company - and the results of such votes in the future at companies that don't have stellar share performance might be less than glowing.