Covid-19 Pay Actions Decline Throughout May, and 12/31 FYE Companies Report Proxy Vote Results

Covid-19 Pay Actions Decline Throughout May, and 12/31 FYE Companies Report Proxy Vote ResultsZoom inDownload PDF

Through May 30, 596 Russell 3000 companies announced or publicly disclosed actions to reduce or differ salaries for Management – 99% of announcements covered executive pay and 63% covered Board pay. A majority of companies announced comprehensive salary reductions that apply to all or most members of senior management and are not limited to only the CEO or NEOs. It is still difficult to estimate the impact Covid-19 will have on the full 2020 proxy season; however, thus far, the changes in Say on Pay votes year-over-year have been minimal. Please visit our Covid-19 resources, Coronavirus and Executive Compensation, for more information.

1,458 Russell 3000 companies have held Say on Pay votes in 2020. Average vote support has been 91.0%, and 34 companies (2.3%) have failed. Thus far, 10 social proposals and four environmental proposals have received greater than 50% support. This report also tracks Director Election and Equity Proposal vote results.