Knight Capital received 32% approval from shareholders, making it the fifteenth company to fail Say on Pay. Knight Capital is also the fifth company in the GICS financials sector to fail SOP this year (aside Citigroup, FirstMerit, Sterling Bancorp, and Tower Group). Financial Times discussed earlier today some of the causes of opposition at Knight Capital; mainly, Knight Capital’s CEO was paid 250% more than median ‘comparable’ companies (as selected by ISS) over a period of below-median TSR performance. Read more here. Read more
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To date, 677 Russell 3000 companies have had SOP votes – and over 92% are passing with above 70% support. This week, five more companies announced failures, bringing the total to 13: Mylan, Comstock Resources, Tower Group, Cenveo, and Manitowoc Company. Read more
34 Russell 3000 companies failed to receive at least 50% of the Say on Pay vote (8 companies in the S&P 500). Read more