May 22, 2014
Say-on-Pay: Now 21 Failures in ’14
– Broc Romanek, CompensationStandards.com
I’ve slipped a little in keeping up with the say-on-pay failures this year. Here is the latest news, courtesy of Semler Brossy (this info will be posted soon on their Say-on-Pay page):
– 1154 companies have held their annual meetings so far (today is “peak” day as I blogged about)
– 7 additional companies have failed this week, Chipotle Mexican Grill, Cynosure, CYS Investments, Everest Re Group, Mack-Cali Realty, Titan International, and TRW Automotive; 21 companies (1.8%) have failed so far in 2014
– Average vote result for all companies in 2014 is 92%
– ISS has recommended against 12% of companies it has evaluated in 2014
– So far in 2014, 30 companies have filed a response to proxy advisors in a letter filed as additional soliciting material