Report update: no new failures; ISS reverses recommendations of two companies

Report update:  no new failures; ISS reverses recommendations of two companiesDownload PDF

We collected results for 11 more companies this week, bringing our total to 154 for the season. Thus far, 94% of companies are passing with above 70% support, and no new companies failed this week. Proxy advisory firm ISS is recommending against Say on Pay proposals at 9% of companies (compared to 14% in 2012 and 12% in 2011). One new company – Kaman Corp – filed a DEFA14A in response to proxy advisors this week. Kaman Corp also had its Say on Pay recommendation reversed by ISS (from ‘against’ to ‘for’) following the Company’s decision to remove an excise tax gross-up from an executive’s recently renewed change-in-control agreement.