August 21, 2017
Say-on-Frequency: Half of Triennials Move to Annual During This Cycle
– Broc Romanek
According to this article, 146 companies in the Russell 3000 switch from triennial to annual votes for say-on-pay during this cycle of say-on-frequency voting. Companies are required to allow shareholders to vote on the frequency of their say-on-pay every six years – with this year being the second time around for this cycle.
A “say-on-pay” investor working group sent letters to 319 Russell 3000 boards that had a triennial vote in 2011 urging them to recommend an annual vote – and of the 273 companies contacted (that have already held their ’17 annual meetings), 53% adopted an annual frequency & 47% retained the triennial.