Proxy Season Foresight #3

The two big items on the governance proposals front this year, according to The Corporate Library are, management proposals:

  • the advisory vote on executive compensation (SOP), and
  • the advisory vote on the frequency of the advisory vote (SWOP)

So far, only two companies have received majority votes against approval of executive pay, those at Jacobs Engineering and Beazer Homes…

One of the earliest votes was Monsanto, with 35.08% of shareholders disapproving of executive pay. “We won, ‘soy ’ there,” said Monsanto. But to describe this as a “victory”, once you’ve “rounded up” (sorry, you can’t not, can you?) the nay sayers, it’s a bit of a Pyrric victory…

However, there have been four other annual meetings more recently with votes against Say on Pay in the region of 47% to 49%…via Proxy Season Foresight #3 (From remarks for a BSR webinar 16 March) – The Corporate Library Blog.

Tomorrow, I’ll post my vote at Schlumberger. Frankly, I just can’t bring myself to vote in favor of $15 million in pay for anyone. There has to be a limit to this craziness. We’ve got to stop the bracket creep.

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