December 10, 2020
2020 Say-on-Pay Naysayers
– Lynn Jokela
Following a review of N-PX filings, a recent Proxy Insight memo provides an overview of 2020 proxy voting disclosures. The memo includes a discussion (see pages 4-5) of say-on-pay voting. It includes a list of the top 10 investors most likely to oppose say-on-pay resolutions – it’s limited to investors with at least $10 billion in assets under management who’ve disclosed votes for at least 1,000 of the Russell 3000.
It’s important to note that, as shown in the memo, most of these investors still support a majority of say-on-pay resolutions. But, these investors vote against say-on-pay resolutions more frequently than other investors and the list serves as a reminder to be mindful of investors’ voting policies. Here’s Proxy Insight’s 2020 list of investors least supportive of say-on-pay:
– Florida State Board of Administration
– Calvert Research and Management
– CalPERS
– CalSTRS
– New York State Teachers’ Retirement System
– BNY Mellon
– Los Angeles County Retirement Association
– Ohio Public Employees Retirement System
– New York City Pension Funds
– Massachusetts Pension Reserves Investment Management