Say on Pay

Behind Say on Pay

Behind Say on PayZoom inDownload PDF

We offer insights into Say on Pay vote results, answering questions about what SOP data really means in our “Behind the Numbers” series and diving into the potential drivers of specific company vote results in our “Vote of the Week” reports.

Behind the Numbers: How have companies reponded to failed 2011 Say on Pay votes?

Our weekly Say on Pay report often raises interesting questions about what the data really mean. These questions are addressed in this series. As of May 15, all companies that failed Say on Pay in 2011 have passed in 2012. The average vote result for these 16 companies was 89%, an increase of 48 percentage points from 2011. We were curious what types of changes these companies made to their programs following the failed vote to create such an increase in support. Read more

Vote of the Week: OM Group, year-over-year decline of 57%

OM Group's 2012 vote result was 23%, the lowest result recorded this season. The result represents a year over year decline in support of 57%. We looked into the circumstances at OM Group and suspect that the failed 2012 Say on Pay vote was likely the result of increases in CEO pay during a period of poor stock performance. Reported CEO total pay increased ~9% to $5m, Additionally, shareholders may have been concerned over high relative pay levels and changes to the annual incentive program. Read more