Say on Pay

Say on Pay Reports

Say on Pay ReportsZoom inCurrent Report

Our weekly "Say on Pay Reports" provide comprehensive coverage of vote results. Find out how companies in the Russell 3000 fared on Say on Pay votes.

Report Update: No new failures; 1.3% of companies have failed in 2015 – featuring Trends in Say on Pay DEFA14A Responses

Our topic this week features Trends in Say on Pay DEFA14A Responses – we have studied DEFA14A filings in response to proxy advisors for current Russell 3000 companies. Our analysis indicates that the number of companies using this supplemental filing to respond to proxy advisors has decreased following a peak in 2012. We also find that large cap companies have the highest rate of DEFA14A filings. To date, 158 Russell 3000 companies have had their Say on Pay votes – 92% are passing with above 70% support. No new companies have failed Say on Pay since our last report; two companies (1.3%) have failed thus far in 2015. Proxy advisory firm ISS is recommending ‘against’ Say on Pay proposals at 10% of companies. Read more

Report Update: No new failures; ISS recommending against 11% of companies – featuring Trends in Equity Plan Proposals

Our topic this week features Trends in Equity Plan Proposals – we have examined equity plan proposal trends for current Russell 3000 companies to investigate the degree to which the introduction of Say on Pay in 2011 has impacted vote outcomes for equity plans. Our data indicates that companies that do not receive majority support for Say on Pay are 10x more likely to have their equity plan voted against by shareholders. To date, 148 Russell 3000 companies have had their Say on Pay votes – and 92% are passing with above 70% support. No new companies have failed Say on Pay since our last report; two companies (1.4%) have failed thus far: Nuance Communications and Schnitzer Steel Industries. Proxy advisory firm ISS is recommending ‘against’ Say on Pay proposals at 11% of companies thus far in 2015. Read more

2015 Report: Two Companies with Support Below 50% Thus Far – Featuring “Predictions for the 2015 Proxy Season”

To date, 134 Russell 3000 companies have had their Say on Pay votes – and 92% are passing with above 70% support. Two companies (1.5%) have failed Say on Pay thus far: Nuance Communications and Schnitzer Steel Industries. Of companies with five years of Say on Pay votes, 104 (94%) have passed all five years, six companies (5%) have passed in three years and failed in one year, and one company (1%) has passed in three years and failed in two years. Proxy advisory firm ISS is recommending ‘against’ Say on Pay proposals at 11% of companies thus far in 2015. Our topic this week features "Predictions for the 2015 Proxy Season." Read more

Report update: Results for the entire 2014 proxy season; 60 companies have failed SOP

This report provides the full year of 2014 Say on Pay vote results, covering more than 2,500 Russell 3000 companies that held votes in calendar year 2014. The majority of companies continued to pass Say on Pay with substantial shareholder support: approximately 92% of companies passed with over 70% shareholder approval. 60 Companies (2.4%) failed Say on Pay. Five companies failed since our last report update: Celadon Group, Cheniere Energy, Energy XXI, Globe Specialty Metals, and Oracle. We will begin to issue Say on Pay updates for the 2015 proxy season in March 2015. Read more

Report update: two additional companies with support below 50%

We have collected Say on Pay vote results for 125 additional Russell 3000 companies, bringing our total to 2,332. The average vote result for all companies in 2014 is 91%. Two additional companies failed since last week’s report; 55 companies (2.4%) have failed so far this year. Of companies with four years of Say on Pay votes, 1,601 (92.2%) have passed all four years, 113 (6.5%) have passed in three years and failed in one year, 18 companies (1.0%) have passed in two years and failed in two years, three companies (0.2%) have passed in one year and failed in three years, and two companies (0.1%) have failed all four years. Proxy advisory firm ISS is recommending ‘against’ Say on Pay proposals at 13% of companies in 2014. Read more

Report update: five additional companies with support below 50%

We have collected Say on Pay vote results for 84 additional Russell 3000 companies, bringing our total to 2,207. The average vote result for all companies in 2014 is 91%. Five additional companies failed since last week’s report; 53 companies (2.4%) have failed so far this year. Of companies with four years of Say on Pay votes, 1,511 (92.0%) have passed all four years, 109 (6.6%) have passed in three years and failed in one year, 17 companies (1.0%) have passed in two years and failed in two years, three companies (0.2%) have passed in one year and failed in three years, and two companies (0.1%) have failed all four years. Proxy advisory firm ISS is recommending ‘against’ Say on Pay proposals at 13% of companies in 2014. Read more

Report update: one additional company with support below 50%

We have collected Say on Pay vote results for 97 additional Russell 3000 companies, bringing our total to 2,123. The average vote result for all companies in 2014 is 91%. One additional company failed since last week’s report; 48 companies (2.3%) have failed so far this year. Of companies with four years of Say on Pay votes, 1,462 (92.1%) have passed all four years, 105 (6.6%) have passed in three years and failed in one year, 15 companies (0.9%) have passed in two years and failed in two years, three companies (0.2%) have passed in one year and failed in three years, and two companies (0.1%) have failed all four years. Proxy advisory firm ISS is recommending ‘against’ Say on Pay proposals at 13% of companies in 2014. Read more

Report update: five new companies with support below 50%

We have collected Say on Pay vote results for 146 additional Russell 3000 companies, bringing our total to 2,026. The average vote result for all companies in 2014 is 91%. Five additional companies failed since last week’s report; 47 companies (2.3%) have failed so far this year. Read more