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Parsing the Early Say-on-Pay Votes

Melissa Klein Aguilar | February 28, 2011

The vast majority of companies so far have gotten the thumbs up from investors on their pay plans, but getting investors to approve a biennial or triennial say-on-pay vote frequency is proving a tougher sell, early voting results show.

Of 95 companies that held say-on-pay votes as of Feb. 25, 93 had favorable votes. The vast majority of those won more than 90 percent of the votes cast, according to an analysis of the first month of proxy filings under the final Securities and Exchange Commission rules by Schulte Roth & Zabel. Companies, however, haven't had as much luck on their frequency recommendations.

In particular, triennial SOP vote recommendations, the overwhelming choice among boards of the 93 companies that have held frequency votes so far, have had mixed success. While 52 of those companies recommended triennial votes, just 27 won majority support for triennial votes from shareholders. Of nine companies that recommended biennial votes, only three won...

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