Telecom Investors: Can You Hear Us Now?

At the very least, the trend should push companies to better explain the decisions that go into determining pay for executives, Hodgson says.

"Most boards are well aware if two-fifths of their shareholders have a problem with the pay, and they either have to explain themselves better or do something about it," he says.

Konigsburg says that as little as 10% of shareholder votes against pay will get a board's attention, given the headaches it can create in the media. He adds that the biggest issue will be how the company interprets it.

"There are a lot of unanswered questions," he says. "People don't know how it's going to work. It depends if shareholders want to throw out the book on pay, or if they want it more connected with performance."