2019 Say on Pay Support Was Almost Identical to 2018 Results, Director Nominee Support Continued to Decline

2019 Say on Pay Support Was Almost Identical to 2018 Results, Director Nominee Support Continued to DeclineZoom inDownload PDF

Average Say on Pay support was 90.5% in 2019 versus 90.2% in 2018, and the failure rate increased to 2.7% from 2.6% over that span. Shareholders have elevated focus on the role of Directors in recent years and taken a more critical approach when voting, which led to a fifth consecutive year of declining average vote support for Director nominees. Additionally, the number of equity proposals was well below the historical average for a second consecutive year following the Section 162(m) tax reform. At the end of our report, we revisit the bold predictions made by our team at the start of the proxy season.