Covid-19 Pay Actions Surge Among Industrials, and Six New Companies Fail Say on Pay

Covid-19 Pay Actions Surge Among Industrials, and Six New Companies Fail Say on PayZoom inDownload PDF

Through May 2, 432 Russell 3000 companies announced or publicly disclosed actions to reduce or differ salaries for Management — 99% of announcements covered executive pay and 65% 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 and the current market downturn will have on the 2020 proxy season; however, we will monitor and report on any trends that develop from the pandemic in our upcoming reports. Please visit our Covid-19 resources, Coronavirus and Executive Compensation, for more information.

377 Russell 3000 companies have held Say on Pay votes in 2020. Average vote support has been 91.5%, and nine companies (2.4%) have failed. Thus far, four social proposals and one environmental proposal have received greater than 50% support. This report also tracks Director Election and Equity Proposal vote results.