May 23, 2011
Say-on-Pay: 21st – 26th Failed Votes
– Broc Romanek, CompensationStandards.com
Last week, four more companies filed Form 8-Ks reporting failed say-on-pay votes: PICO Holdings (39%); Nutrisystem (41%); Masco (45%); and Hercules Offshore (41%).
In addition, I have found a Form 8-K filed by IsoRay from back in February where the company reported failing its SOP even though there were many more “For” votes than “Against” based on the way it decided to interpret Minnesota law (in comparison, Target – another Minnesota corporation – described the SOP standards a bit differently in its proxy statement). Actually, Seth Duppstadt of SharkRepellent.net found this for us – thanks!
I keep maintaining our list of Form 8-Ks for failed SOPs in our “Say-on-Pay” Practice Area.