May 10, 2010
Say-On-Pay So Far: A Second Company Fails to Gain Majority Support
– Broc Romanek, CompensationStandards.com
Just last week, I blogged how Motorola became the first US company to fail to get majority support for say-on-pay. Now, Occidental Petroleum becomes the second company, as shareholders voted on this measure at its annual meeting on Friday according to this WSJ article. The actual numbers weren’t announced at the meeting nor has the Form 8-K been filed yet with the voting results.
Two rejections of pay in a week is a lot. In the United Kingdom, I believe it took over five years to reach two after say-on-pay was mandated for all of its companies…