November 14, 2012
Say-on-Pay: Now 60 Failures
– Broc Romanek, CompensationStandards.com
I’ve added one more company to our failed say-on-pay list for 2012 as PMFG failed during the past week with 31% support. We are now at 60 companies in ’12 that have failed to garner major support. Hat tip to Karla Bos of ING Funds for keeping me updated.
Notice that the PMFG Chair, who is the retired CEO and on the Comp Committee, lost the vote also for his own re-election to the board. This, along with Oracle’s compensation committee members losing their re-election vote if you exclude the CEO Ellison’s shares, should be sending a chill to directors. Hat tip to Fred Whittlesey for pointing this out!