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Early-Season Average Say on Pay Support Remains Below Historic Levels

Early-Season Average Say on Pay Support Remains Below Historic LevelsDownload PDF

The early-season Say on Pay failure rate of 4.2% is twice as high as the 2.1% failure rate observed at this time last year, and the 89.0% vote result is well below last year’s average. These early trends suggest shareholders may be more critical of those who made significant changes to executive compensation without descriptive disclosure for the rationale of those changes. We will continue to report on the evolution of vote results and emerging trends as the majority of proxy voting for companies with 12/31 FYE dates occurs over the next few weeks.