Much posturing has occurred about changing CEO pay over the past couple years, but will a financial collapse combined with a gigantic taxpayer bailout be enough to finally force the issue? Here's what the Wall Street Journal has to say:

The American Federation of State, County and Municipal Employees has submitted 36 proposals, 32 of which address pay practices. AFSCME wants 10 companies to require executives to hold a majority of their stock and stock options until two years after retirement or termination. The union is also asking three firms to adopt "bonus banking," in which a portion of executives' annual bonuses would be withheld for three years, then recalculated based on updated corporate results.

The resolutions -- new for the union this year -- respond "to the financial crisis that, in part, derived from the perverse incentive structure of CEO pay," says Richard Ferlauto, AFSCME's head of corporate governance and pension investment.

Governance experts say the executive-pay proposals are more targeted and ambitious than those submitted in recent years. Last year, for instance, activists focused mainly on winning an annual advisory vote for shareholders on executive pay. That issue has receded because Congress is expected to consider such a requirement. Some shareholders also may mount campaigns against re-election of directors, particularly those on compensation or audit committees.

But I wouldn't hold my breath. As the same article notes:

But several firms are fighting back, claiming that the proposals are vague and misleading. At least seven companies, including Bank of America Corp. and PNC Financial Services Group Inc., have asked the Securities and Exchange Commission to block shareholder votes on the resolutions. The SEC so far has ruled in favor of at least one such request, from SunTrust Banks Inc.