A number of banks such as Morgan Stanley, Goldman Sachs and JPMorgan Chase & Co plan to follow Citigroup and Bank of America in allowing shareholders to vote on executive compensation, reports the Wall Street Journal, citing unnamed sources with the knowledge of the case.

Under the statutes of the last year’s Dodd-Frank financial reform there should be a say-on-pay vote at least three years at most big U.S. companies.

Other companies that already have recommended shareholders' vote on the executive pay are Monsanto Co, Tyco International, Toll Brothers Inc, the newspaper said.

Morgan Stanley, Goldman Sachs and JPMorgan are expected to recommend an annual vote in their coming filings with the U.S. Securities and Exchange Commission, WSJ said.