Latest company to fail Say on Pay: Knight Capital
Knight Capital received 32% approval from shareholders, making it the fifteenth company to fail Say on Pay. Knight Capital is also the fifth company in the GICS financials sector to fail SOP this year (aside Citigroup, FirstMerit, Sterling Bancorp, and Tower Group). Financial Times discussed earlier today some of the causes of opposition at Knight Capital; mainly, Knight Capital’s CEO was paid 250% more than median ‘comparable’ companies (as selected by ISS) over a period of below-median TSR performance. Read more here.