Say on Pay

Say on Pay Reports

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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: Four addl. companies fail

We collected results for 120 more companies this week, bringing our total to 1,795 for the season. This week, we found four more companies that failed Say on Pay, bringing our total to 41 (Discovery Laboratories, Sonus Networks, Spansion and Vocus). Year-over-year, results have improved ~1%; companies that failed in 2012 have received significantly more support in 2013 (on average, +40%). Read more

Report update: Nine addl. companies fail

We collected results for 136 more companies this week, bringing our total to 1,675 for the season. This week, we found nine more companies that failed Say on Pay, bringing our total to 38 (Big Lots, Consolidated Water Company, East West Bancorp, FTI Consulting, LifePoint Hospitals, Nabors Industries, OpenTable, The Children’s Place Retail Stores, and Tutor Perini). Two companies, Nabors Industries and Tutor Perini, also failed in 2011 and 2012 (joining Kilroy Realty as companies that have failed three consecutive years). Year-over-year, results have improved ~1%; companies that failed in 2012 have received significantly more support in 2013 (on average, +40%). Read more

Report update (06/05/13): Healthways and Hercules Technology Growth Capital fail SOP

We collected results for 155 more companies this week, bringing our total to 1,539 for the season. This week, we found two more companies that failed Say on Pay, bringing our total to 29 (Healthways and Hercules Technology Growth Capital). Year-over-year, results have improved ~1%; companies that failed in 2012 have received significantly more support in 2013 (on average, +43%). Read more

Report update: 10 new companies below 50%

We collected results for 309 more companies this week, bringing our total to 1,384 for the season. This week, we found ten more companies that failed Say on Pay, bringing our total to 27. These companies include: Alexandria Real Estate Equities, Annaly Capital Management, Atlas Air Worldwide Holdings, Boston Properties, Dynamic Materials, Geron, Kilroy Realty, RadioShack, Strategic Hotels & Resorts, and Ultimate Software Group. Year-over-year, fewer companies are failing Say on Pay (to date, 2.0% of the sample; 2.6% of the sample failed in 2012) and receiving ISS 'against' recommendations (to date, 12% of companies; this compares with 14% of companies in 2012). Read more

Report update: seven new companies below 50%

We collected results for 257 more companies this week, bringing our total to 1,075 for the season. This week, we found seven more companies that failed Say on Pay, bringing our total to 17. These companies include: Apache Corp, Everest Re Group, Gentiva Health Services, Hecla Mining, Middleby Corp, OraSure Technologies, and Volcano Corp. Year-over-year, fewer companies are failing Say on Pay (to date, 1.6% of the sample; 2.6% of the sample failed in 2012) and receiving ISS 'against' recommendations (to date, 12% of companies; this compares with 14% of companies in 2012). Read more

Report update: four new companies with support below 50%

We collected results for 278 more companies this week, bringing our total to 818 for the season. We continue to see high support, with 94% of companies passing with over 70% shareholder approval (this is slightly higher than in 2011 and 2012). Year-over-year, we observe that fewer companies are failing Say on Pay (to date, ten companies this year, or 1.2% of the sample; 2.6% of the sample failed in 2012) and receiving ISS 'against' recommendations (to date, 11% of companies; this compares with 14% of companies in 2012). Four new companies failed this week: AXIS Capital Holdings, Comstock Resources, Golden Star Resources, and Stillwater Mining. Read more

Report update: Occidental Petroleum receives 63% after consecutive years at 90%+

We collected results for 191 more companies this week, bringing our total to 549 for the season. We continue to see high support, with 93% of companies passing with over 70% shareholder approval (this is identical to 2011 - and slightly higher than in 2012). Year-over-year, we observe that fewer companies are failing Say on Pay (to date, six companies this year, or 1.1% of the sample; 2.6% of the sample failed in 2012) and receiving ISS 'against' recommendations (to date, 10% of companies; this compares with 14% of companies in 2012). In our “Vote of the Week,” we discuss Occidental Petroleum, which received 63% vote support in 2013 after receiving votes above 90% in both 2012 and 2011. The decline in support may have been driven by the value of CEO and Executive Chairman pay packages, discretionary nature of annual incentive program, problematic pay practices, and governance issues related to succession planning and the Executive Chairman's tenure (76% of shareholders voted against reelecting the Executive Chairman). Occidental announced several governance and compensation program changes after the proxy filing, which led to a subsequent proxy advisor recommendation reversal and may have elevated support for Say on Pay above 50%. Read more

Report update: Coca Cola receives 77% support after receiving votes above 90% in both 2012 and 2011

We collected results for 121 more companies this week, bringing our total to 349 for the season. Thus far, 94% are passing with above 70% support -- and six companies have failed thus far (with one new addition from last week - Dendreon Corp). We continue to notice similar trends year over year, with average vote results improving approximately 1%. As with last week, we have noticed that ISS is recommending 'against' fewer companies this year (10% of companies, as compared with 14% in 2012 and 12% in 2011). In our “Vote of the Week,” we discuss Coca Cola, which received 77% vote support in 2013 after receiving votes above 90% in both 2012 and 2011. The decrease in vote support is likely driven by a change in proxy advisor support due to below median TSR performance relative to industry and the S&P 500, high relative CEO pay, and annual bonus payouts above target for four consecutive years. Read more