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

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Volume 4 | Published May 18, 2023
Shareholder Voting, SOP, and Proxy Results

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

Volume 4 | Published May 18, 2023

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.

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Contributors

Todd Sirras

Todd Sirras

Managing Director

Todd Sirras joined SBCG in 2002 and was named Managing Director in 2005. Prior to SBCG he was a Senior VP in Bank of America’s Asset  Management Group and a trader in listed equity options for O’Connor & Associates. He is a graduate of NYU Stern School of Business, the University of Virginia, and Phillips Exeter Academy.

Industry Experience

  • All Industries
  • Financial Services
  • Fintech

Featured In

  • Equilar C-Suite
  • Corporate Board Member
  • Bank Director
  • NACD/Directorship

Authored Insights

Austin Vanbastelaer

Austin Vanbastelaer

Principal

Austin is a founding member of Semler Brossy’s New York Office and is now located in North Carolina. He advises clients on strategic compensation issues, including during periods of transformative change. As a result, Austin’s client base covers a variety of industries–including fintech, biotech, and retail–and company performance contexts.

Of Interest

Corporate Governance

Industry Experience

  • Companies Undergoing Transformation
  • Retail
  • Biotech
  • Fintech

Featured In

  • WorldAtWork
  • Harvard Law School Forum on Corporate Governance
  • Equilar

Authored Insights

Justin Beck

Justin Beck

Consultant

Justin Beck has more than three years of executive compensation experience working with publicly traded and privately held firms. Justin has helped clients across a broad range of issues, including equity and incentive plan strategy, pay benchmarking, equity dilution management, and Say on Pay support.

Of Interest

Contributes to Say on Pay and Proxy Results report

Industry Experience

  • Retail
  • Financial Services
  • Insurance

Authored Insights

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