Say on Pay

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Get comprehensive results in "Say on Pay Reports," in-depth analysis on Say on Pay results in our "Behind the Numbers" series, and insights on how companies are faring in "Vote of the Week."

Report update: three new companies with support below 50%

We have collected Say on Pay vote results for 208 additional Russell 3000 companies, bringing our total to 555. The average vote result for all companies in 2014 is 92%. Three additional companies failed since last week's report; eight companies (1.4%) have failed so far this year. Of companies with four years of Say on Pay votes, 400 (94.3%) have passed all four years, 20 (4.7%) have passed in three years and failed in one year, three companies (0.7%) has passed in two years and failed in two years, and one company (0.2%) has passed in one year and failed in three years. Proxy advisory firm ISS is recommending 'against' Say on Pay proposals at 11% of companies in 2014. Read more

Vote of the Week: Carnival

Our "Vote of the Week" features Carnival. Carnival received 58% vote support in 2014 after receiving votes above 90% in the three prior years. The decreased support in 2014 is likely due to severance payments to executives upon retirement and a guaranteed minimum bonus provision in a new employment agreement. Read more

Report update: five votes below 50% so far in 2014

We have collected Say on Pay vote results for 113 additional Russell 3000 companies, bringing our total to 347. The average vote result for all companies in 2014 is 92%. Two additional companies failed since last week's report; five companies (1.4%) have failed so far this year. Of companies with four years of Say on Pay votes, 224 (92%) have passed all four years, 16 (6.6%) have passed in three years and failed in one year, two companies (0.8%) has passed in two years and failed in two years, and one company (0.4%) has passed in one year and failed in three years. Proxy advisory firm ISS is recommending 'against' Say on Pay proposals at 10% of companies in 2014. Read more

Vote of the Week: FirstMerit

Our "Vote of the Week" features FirstMerit. FirstMerit received 41% vote support in 2014 after receiving 68% in 2013. The year-over-year decreased support is likely due to CEO pay above median of peers, CEO's frozen supplemental pension (SERP) value of $20.5MM, including a change in value during 2013 of $10.9MM, and discretionary cash bonuses to NEOs. Read more

Report update: two new companies with support below 50%

We have collected Say on Pay vote results for 38 additional Russell 3000 companies, bringing our total to 234. The average vote result for all companies in 2014 is 93%. Two additional companies failed since last week's report; three companies (1.3%) have failed so far this year. Of companies with four years of Say on Pay votes, 140 (90.9%) have passed all four years, 12 (7.8%) have passed in three years and failed in one year, one company (0.6%) has passed in two years and failed in two years, and one company (0.6%) has passed in one year and failed in three years. Proxy advisory firm ISS is recommending 'against' Say on Pay proposals at 9% of companies in 2014. Read more

Vote of the Week: Mylan

Our "Vote of the Week" features Mylan. Mylan received 60% vote support in 2014 after receiving 70% in 2013. The year-over-year decreased support is likely due to a large pay package to the Executive Chairman (who earns more than the CEO) as a result of $20MM cash award, and an extension of three executives' contracts which included an excise tax gross-up provision. Read more

2014 report: No new failures; ISS recommending against 9% of companies

We have collected Say on Pay vote results for 16 additional Russell 3000 companies, bringing our total to 196. The average vote result for all companies in 2014 is 94%. To date, only one company has failed Say on Pay: Hologic. Of companies with four years of Say on Pay votes, 114 (92%) have passed all four years while 10 (8%) have passed in three years and failed in one year. Proxy advisory firm ISS is recommending 'against' Say on Pay proposals at 9% of companies in 2014 (compared to 14% in 2013 and 2012). Read more

Vote of the Week: Starbucks

Our "Vote of the Week" features Starbucks. Starbucks received 87% vote support in 2014 after receiving 73% in 2013. The year-over-year increased support is likely due to no grants of any special time-based awards, mostly flat cash compensation levels year over year, continued strong financial performance, and active shareholder outreach. Read more