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We've been following the issue of executive pay in the U.S., and the disgusting amounts of money these executives are ripping off from their shareholders. Now the giant insurance company, Aflac, says that shareholders will be able to cast a non-binding vote on the amount they wish to pay executives at the company. U.S. pension funds and other shareholder groups who have called for "say on pay" policies are branding AFLAC's move as an important step forward:

"They're an early adopter," said Richard Ferlauto, director of investment policy at the American Federation of State, County and Municipal Employees, which supports the "say-on-pay" resolutions. "We expect others will follow."

U.S. corporations are supposed to be democratic institutions, whereby shareholders are the owners of the company and executives answer to them. The system has been rigged, though, for years to allow high-level executives to basically steal from the owners (shareholders), since shareholders actually control very little of what goes on in the company. Hopefully, Stephen Davis, a fellow at the Yale University's center for corporate governance, is correct when he says, "I think 2007 represents something of a tipping point. Smart companies see the writing on the wall."

Still, some corporations remain unyielding. So far this year, companies have successfully sought the SEC's approval to keep at least 40 of the 630 corporate-governance-related proposals submitted by shareholders from coming to votes, according to Institutional Shareholder Services (ISS), a proxy advisory firm in Rockville, Md. Dozens more are trying.

If you are a shareholder in a publically traded company, express your opinion and get involved!

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