The article explores whether the "say on pay" vote, where shareholders can voice their opinion on executive compensation, is really just about pay. The researchers found that economic performance of a company plays a significant role in how shareholders vote on executive pay, with poorly performing companies receiving more scrutiny. This suggests that the vote is more about performance than just pay levels. This finding raises questions about the effectiveness of the shareholder voting right in addressing concerns about executive compensation and may lead to unintended consequences in how boards prioritize company performance.