Early Results from Say on Pay

by Noam Noked for The Harvard Law School Forum, April 17, 2011.

Beginning on Jan. 21, 2011, most domestic public companies became subject to the SEC’s new “say on pay” and “say on frequency” rules.

In the first 30 days of the new rules, 95 companies (including TARP recipients) held SOP votes and 92 companies held SOF votes. At 93 of the 95 companies, NEO compensation was approved by shareholders, in most cases by an overwhelming percentage of the votes cast. In contrast, frequency recommendations did not receive nearly as much support:

Frequency Recommendation
Number Proposed
Supported by Majority of Votes Cast
Annual
24
24
Biennial
9
3
Triennial
52
27
No Recommendation
7
N/A

As the vast majority of companies gear up for the 2011 proxy season, there are a number of takeaways from the first 30 days of SOP and SOF. (continue reading… )

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