The European Commission plans to propose legislation by the end of this year that would give shareholders in EU companies a mandatory vote on executives' pay.

"I am in favor of making shareholders more responsible on pay," Michel Barnier, the commissioner in charge of financial regulation, said in a statement to Reuters.

"I am currently working on EU legislation that would give shareholders a mandatory say on remuneration," he said.

A spokesman for the commissioner said the proposal would be made this year.

(Reporting By John O'Donnell; editing by Luke Baker)