May 19, 2020
2020 ISS Impact on Say-on-Pay Voting
– Lynn Jokela
ISS’s impact on say-on-pay vote results is a frequent topic this time of year. An updated Semler Brossy report shows that the current average say-on-pay vote result for companies receiving an ISS “against” recommendation is 36 percentage points lower than for companies that received an ISS “for” recommendation.
In an earlier look at say-on-pay vote results, the number had stood at 38 percentage points. Even though the number has declined slightly from earlier this proxy season, it’s still higher than the historical average range of 24 to 32 percentage points. This will be interesting to watch whether the number ends up closer to its historical average by the end of the 2020 season and in any event, the reports show ISS vote recommendations continue playing a significant part in final vote results.