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Chiquita Brands: 29th company to fail Say on Pay

Chiquita Brands is the 29th company to fail Say on Pay this season. 20% of shareholders voted in support of the company this year, versus 86% of shareholders in 2011. Elements that may have been of concern amongst shareholders include: continued negative total shareholder returns (-41% over a one-year time frame; -17% and -12% over a three-year and five-year time frame, respectively) during a period where CEO pay has increased, concern over disclosure of performance goals in its LTI plan, and CEO base salary and target annual incentive opportunities larger than for comparable companies, as noted by the Charlotte Observer.