Report update: votes ‘against’ pay total 28; results by industry

Report update:  votes 'against' pay total 28;  results by industryDownload PDF

Now 11 weeks into our Say on Pay research and with 1200+ companies having reported, we’ve identified 28 total companies that have failed Say on Pay — 10 more than last week. The additions are: Pitney Bowes, Hercules Offshore, Viad Corp, Community Health Systems, Phoenix Companies, CryoLife, Infinera Corporation, Palomar Medical, Simon Property Group, and Chemed Corporation. As we noted earlier this week, Hercules Offshore became the first company to fail Say on Pay in both 2011 and 2012. We delve into the context at Hercules in our ‘Vote of the Week’ (p. 3). This week, our report contains a new feature: Vote Results by GICS Sector (p. 5). Our early takeaway is that health care companies have received a disproportionate share of shareholder and proxy advisory opposition. Also notable…all companies in the consumer staples sector have passed Say on Pay. Only one company of 45 in the sector has received under 70% support.