Report update: Coca Cola receives 77% support after receiving votes above 90% in both 2012 and 2011Zoom inDownload PDF
We collected results for 121 more companies this week, bringing our total to 349 for the season. Thus far, 94% are passing with above 70% support — and six companies have failed thus far (with one new addition from last week – Dendreon Corp). We continue to notice similar trends year over year, with average vote results improving approximately 1%. As with last week, we have noticed that ISS is recommending ‘against’ fewer companies this year (10% of companies, as compared with 14% in 2012 and 12% in 2011). In our “Vote of the Week,” we discuss Coca Cola, which received 77% vote support in 2013 after receiving votes above 90% in both 2012 and 2011. The decrease in vote support is likely driven by a change in proxy advisor support due to below median TSR performance relative to industry and the S&P 500, high relative CEO pay, and annual bonus payouts above target for four consecutive years.