Shareholder voting advisers – the agents who recommend 'yes' or 'no' votes on company pay deals – were yesterday obliged to defend themselves to EU regulators, who have put them under scrutiny as the 'shareholder spring' continues to send shivers down the spines of high-earning bosses.

The European Securities and Markets Authority, which is considering whether to regulate the advisory firms at EU level for the first time, held a one-day seminar yesterday, attended by companies, voting advisers, and other stakeholders, to talk the issues through.