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August 7, 2009

Lockheed Latest To Announce Stockholder Survey On Pay

Lockheed Martin Corp. joined the list of companies surveying its stockholders to get feedback on executive compensation practices.

A Lockheed press release says the survey results will be reviewed by the board’s management development & compensation committee.

The survey, which includes a link to Lockheed’s 2009 proxy statement, is open to stockholders through Dec. 20, 2009.

Other companies that have announced similar moves include Amgen which announced in its proxy statement filed in March that it would survey shareholders via a 10-question survey on the company’s compensation policies, based on TIAA-CREF’s criteria to evaluate the Compensation Discussion & Analysis discussions in corporate proxy statements.

Schering-Plough announced last October that it would survey shareholders to provide views about executive and director compensation to the Board. At the time, the company said it would discuss the survey results in its 2010 proxy statement. Schering has since entered into an agreement to merge with Merck & Co. but the merger has yet to close. The survey was sent with its 2009 proxy materials.

In its March proxy statement, Prudential Financial noted that it created an Executive Compensation section on its Web site where shareholders can provide feedback to the board on executive pay. A shareholder proposal for a say-on-pay resolution received 61.5 support at the company’s May annual meeting.

Posted by: maguilar @ 9:40 am

Filed under: Executive Compensation, Say on pay, Shareholder proposals, directors

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