While many companies have made changes to compensation plans to pass muster with shareholders over the last few years—this is the third year that companies are required to solicit say-on pay votes at their annual meetings—plenty of companies are still getting red-lighted on executive pay.
It’ still early in the proxy season, but already the say-on-pay casualties are piling up. Thus far this season, as of May 20, 12 Russell 3000 companies have seen shareholders give a thumbs down to their executive compensation plans, with less than 50 percent shareholder approval: Navistar International; Dendreon; Axis Capital Holdings, Tower Group; Stillwater Mining; Comstock Resources; Gentiva Health Services; Golden Star Resources; Digital Generation; Cogent Communications; Nuance Communications; and Biglari Holdings.
