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: One addl. company failed

We collected results for 35 more companies since our last report, bringing the total to 1,958 for the season. This week, we found one more company that failed Say on Pay, bringing our total to 48 (Freeport-McMoRan Copper & Gold). Year-over-year, results are roughly flat; companies that failed in 2012 have received significantly more support in 2013 (on average, +39%). Read more

Vote of the Week: Spectrum Pharmaceuticals

In our “Vote of the Week,” we discuss Spectrum Pharmaceuticals which received 31% vote support in 2013 after receiving 53% and 91% support in 2012 and 2011. The decreased support is attributable to a lack of action/disclosure with regard to last year's SOP vote and related shareholder outreach, tax gross-ups and single trigger acceleration of awards, high pay combined with underwhelming total shareholder return and discretionary incentive awards with long-term awards composed of non-performance based shares and options. Read more

Report update: Four addl. companies fail

We collected results for 51 more companies since our last report, bringing the total to 1,923 for the season. This week, we found four more companies that failed Say on Pay, bringing our total to 47 (Active Networks, Jos. A Bank Clothiers, Spectrum Pharmaceuticals and Verifone Systems). Year-over-year, results are roughly flat; companies that failed in 2012 have received significantly more support in 2013 (on average, +40%). Read more

Vote of the Week: Yahoo!

In our “Vote of the Week,” we discuss Yahoo! which received 94% vote support in 2013 after receiving 50% and 69% support in 2012 and 2011. The successful year over year turnaround is attributable to improved company performance, elimination of the 50% minimum funding level for annual incentives and 2012 equity awards that require performance in order for executives to realize value. Read more

Report update: Two addl. companies fail

We collected results for 77 more companies this week, bringing our total to 1,872 for the season. This week, we found two more companies that failed Say on Pay, bringing our total to 43 (Abercrombie & Fitch and Morgans Hotel Group). Year-over-year, results have improved ~1%; companies that failed in 2012 have received significantly more support in 2013 (on average, +40%). Read more

Vote of the Week: Chesapeake Energy

In our “Vote of the Week,” we discuss Chesapeake Energy which received 84% vote support in 2013 after receiving 20% support in 2012. The successful year over year turnaround is attributable to the addition of eight independent directors, a retooled formulaic annual incentive plan and the implementation of "best practice" governance policies. Read more

Report update: Four addl. companies fail

We collected results for 120 more companies this week, bringing our total to 1,795 for the season. This week, we found four more companies that failed Say on Pay, bringing our total to 41 (Discovery Laboratories, Sonus Networks, Spansion and Vocus). Year-over-year, results have improved ~1%; companies that failed in 2012 have received significantly more support in 2013 (on average, +40%). Read more

Vote of the Week: Hecla Mining

In our “Vote of the Week,” we discuss Hecla Mining which received 56% vote support in 2013 after receiving above 85% support in each of the prior two years. We had initially reported that Hecla failed in 2013 as the company received 49% vote support at its annual meeting on May 15th. However, Hecla took the uncommon step of adjourning the portion of the meeting pertaining to the Say on Pay vote until June 14th at which time additional voters and others who changed their mind swung the vote to a passing level. This is the first occurrence of a company adjourning their Say on Pay vote to a later date that we are aware of. We will monitor the impact, if any, this action has on other companies and their SOP voting procedures. Read more