Hermes, one of the biggest European pension fund managers, has for the first time put forward a proposal requiring a shareholder vote on executive pay at a US company – a move that reflects the increasing activism of foreign shareholders pushing for boardroom reform.

The move comes amid increasing concern over excessive pay to executives. The US House of Representatives is expected Friday to vote on a bill put forward by Barney Frank, financial services committee chairman, that would require a similar non-binding – or “advisory” – shareholder vote on executive pay.