May 18, 2023 Executive Compensation Shareholder Voting, SOP, and Proxy Results Reports

2023 Say on Pay Reports S&P 500 and Russell 3000 Failure Rate & Pay Vote Analysis

Positive vote results continue well into the 2023 proxy season for the S&P 500 and Russell 3000

Shareholders have voted on 712 Say on Pay proposals thus far in 2023. Average support for the Russell 3000 (91.4%) is 220 basis points higher than the average support at this time last year. The failure rate is 130 basis points lower than at this time last year, and the ISS “Against” recommendation rate is significantly lower than the historical average rate. Notably, the ISS “Against” recommendation rate for the S&P 500 is higher than that of the Russell 3000.

Three of 87 social proposals and one of 38 environmental proposals have received above 50% support.

Average vote support for equity proposals thus far in the proxy season (89.2%) is 180 basis points below the average vote support observed at this time last year, driven by three failed proposals thus far in 2023. By comparison, no more than three proposals failed in a single year over the last five years.


Todd Sirras

Austin Vanbastelaer

Justin Beck

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