Stay current on changes and developments in corporate law with a wide variety of resources and tools.
By Che Odom
Jan. 29 — Sixty-one companies failed say-on-pay in 2015, the highest number of negative votes in any year since they were first required to be held in 2011, a new report finds.
Semler Brossy Consulting Group examined vote results at Russell 3000 companies last year and discovered that 2.8 percent of them saw negative say-on-pay shareholder votes, according to its report released Jan. 27.
The next highest failure rate of 2.6 percent occurred in 2012, while 2014 recorded a failure rate of 2.4 percent, the report said.
The good news for companies is that an overwhelming majority of them—97.2 percent—registered positive votes, the report said. On average, 91 percent of shareholders voted to approve executive compensation plans last year, it added.
Under the Dodd-Frank Act, public companies are required to hold advisory shareholder votes on executive compensation packages and file the results with the Securities and Exchange Commission.
Of companies that have held votes every year since 2011, most have passed all five years, the report said. Roughly 9 percent of issuers have failed at least once.
To contact the reporter on this story: Che Odom in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Yin Wilczek at email@example.com
The report is available at http://www.semlerbrossy.com/wp-content/uploads/SBCG-2015-Year-End-Say-on-Pay-Report.pdf.
|Name||Industry||CEO||Top Institutional Investors|
|BankUnited Inc.||Financial Services||John Adam Kanas||Wellington Mgmt. Grp., Vanguard, BlackRock|
|Biglari Holdings Inc.||Hotels & Leisure||Sardar Biglari||Oz Mgmt., BlackRock|
|Celadon Group||Road & Rail||Paul A. Will||BlackRock, Wellington Mgmt. Grp.|
|Fidelity National Financial Inc.||Financial Services||Raymond R. Quirk||William Foley, Raymond Quirk, Frank Willey|
|Hain Celestial Group||Food Products||Irwin David Simon||BlackRock, Vanguard|
|Kate Spade & Co.||Retail||Craig A. Leavitt||Goldman Sachs Grp., FMR|
|Nuance Communications Inc.||Software||Paul A. Ricci||Icahn Assocs. Holding, Clearbridge|
|Shutterfly Inc.||Technology||Jeffrey T. Housenbold||Primecap Mgmt., Fine Capital Partners|
|TiVo Inc.||Software||Thomas S. Rogers||Putnam Invest., Vanguard, BlackRock|
|United Therapeutics Corp.||Biotechnology||Roger A. Jeffs||BlackRock, Fidelity Mgmt. & Research|
|Walter Energy Inc.||Mining||Walter J. Scheller III||Alden Global Capital, CalPERS|
|Sources: Bloomberg & Semler Brossy Consulting Group|
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)