The Associated Press looks at politicians' use of 'say on pay' as a cudgel:

Sen. Barack Obama, the presumptive Democratic nominee, has proposed writing the concept, known as "say on pay," into law. Republican Sen. John McCain wants to encourage companies to give shareholders a say but without legislating the idea.

The McCain approach is similar to what President Bush has done — jawboning corporate America over extravagant pay packages but opposing "say on pay" legislation.

Executive pay rings a strong populist tone on Capitol Hill and the campaign trail, especially when the economy is stumbling and stocks are falling.

"Say on pay" legislation cleared the House last year by a 2-to-1 margin but has gone nowhere in the Senate. It has been opposed by the White House and most Republicans.

The legislation won't necessarily become law, though. Populist rhetoric and bold legislative proposals play well, but enacting laws to change corporate governance is another matter.

The say-on-pay legislation "could be a catalyst," said Amy Borrus, deputy director of the Council of Institutional Investors, a group representing public pension funds. If the Senate Banking Committee were to take up a proposal, that could "get more companies to take the issue seriously and act on it," she said.