UPDATE 1-Cisco shareholders OK say-on-pay proposal

* Cisco to study say-on-pay after narrow shareholder vote

* Congress has considered giving shareholders more voice

* Cisco shares rise

By Jonathan Stempel

NEW YORK, Nov 13 (Reuters) - Cisco Systems Inc (CSCO.O) shareholders narrowly approved a "say on pay" proposal giving them a greater voice in setting executive compensation.

The network equipment provider said that at its annual meeting on Thursday, 33.5 percent of shares were voted in favor of the proposal by Christian Brothers Investment Services Inc to give shareholders a non-binding vote on executive pay, while 31.7 percent were opposed.

Other shareholders abstained or did not vote. Because the vote was close, the San Jose, California-based company did not confirm the proposal passed until late Thursday night.

Cisco said its board of directors "will study closely the various ways companies have implemented the say-on-pay proposals and develop an appropriate plan."

A growing number of companies have been adopting say-on-pay in response to increasing shareholder anger over executive compensation, including on Wall Street.