September 30, 2021 Executive Compensation Shareholder Voting Reports

2021 Say on Pay Reports Historically High S&P 500 Failure Rate is Likely to Remain Through Year-End

The current S&P 500 failure rate of 4.0% represents an increase from our last report (3.7%) and is significantly higher than both the 2020 year-end S&P 500 failure rate of 2.3% and the current Russell 3000 failure rate of 2.8%. Although 18 of 59 Russell 3000 failures are due in part to Covid-related pay actions, the increase in failures over last year are also due in part to problematic pay practices (12% increase year-over-year) and special awards (22% increase year-over-year).

Environmental & Social proposal elevated support levels are unchanged from our last report, with 18% of social proposals and 39% of environmental proposals receiving greater than 50% support.

Contributors

Todd Sirras

Austin Vanbastelaer

Justin Beck

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