March 13, 2013
Another Failed Say-on-Pay: Sort Of
– Broc Romanek, CompensationStandards.com
Dynasil – a Delaware corporation – recently filed its Form 8-K regarding its say-on-pay vote revealing the following results:
– 48% For
– 14% Against
– 38% Abstain
– 0% Broker Non-Votes
Despite the lack of majority support, the company counts its SOP as passing due to this statement in its proxy statement:
The proposal will be considered approved at the annual meeting if more votes are cast in favor than against. Abstentions and broker non-votes will not count
as votes cast for or against this proposal.
Thanks to Steve Hall of Steven Hall & Partners for the heads up!