Corporate policy required her to use binding arbitration.

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President Bush should reaffirm the Reagan Administration policy opposing framework agreements which establish binding commitments bereft of detailed implementing arrangements, in particular those that bear upon the verifiability of such accords.

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Investors will be given the power to formally veto companies' future pay policies - although, as is the case now, if shareholders dislike how businesses have implemented the agreed policy, their votes will not be binding.

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As such, there is still no binding monetary rule, so uncertainty about future policy persists.

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Alan MacDougall, managing director of PIRC (Pensions Investment Research Consultants), would like to see the advisory vote become binding, directly forcing companies to revise their policy.

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Rather, this policy will be ineffective because it will relax constraints that are not binding in the first place.

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Legally binding commitments reached in antitrust decisions play a very important role in our enforcement policy because they allow for rapid solutions to competition problems.

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In particular I've been pondering Vince Cable's notion that authorisation of a company's planned pay policy should require 75% of shareholders to vote in favour - and that such a vote would be binding.

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