Report update: 53 total have failed SOP; McKesson receives 62% support, -8% vs. 2011Download PDF
Since we last updated our report, two additional companies (Iconix Brand Group and Applied Micro Circuits) have failed Say on Pay. Total failures for the season now stand at 53 (or 2.6% of companies). In our “Vote of the Week,” we discuss McKesson, a company that received 62% support in 2012 after receiving 70% support in 2011. The company made many changes to its compensation programs following the 2011 vote; however it appears that shareholders continued to have concerns over the high value of CEO pay (from both a relative and absolute standpoint) and some of the company’s retirement benefits and incentive designs. This will be our final Say on Pay update for 2012. We will issue a full report providing results for the entire 2012 proxy season in January 2013. Please check back on our blog for updates in the meantime.