U.S. Midseason Review5.23.08 Shareholder proposals requesting an annual advisory vote on pay--say on pay--have received slightly higher support at U.S. companies this year.
RiskMetrics
Group filed its 2008 proxy statement with board
proposals for advisory votes on executive pay
Proxy statement presents three separate resolutions
for shareholder approval, which may become the template for future say on pay
proposals
Meeting on 6.04.08
Say on Pay Policies
Several companies have adopted Say on Pay policies
Aflac
Voluntary adoption by
Aflac
effective 2009 2.14.07
Aflac acceleration of effective date to 2008 11.14.07
2008 Proxy StatementProposal 4 Because your vote is advisory, it will not be binding upon the Board. However, the Compensation Committee will take into account the outcome of the vote when considering future executive compensation arrangements.
NYCERS submitted similar proposal to Par
Pharmaceutical during
2007 proxy season
RiskMetrics
Group
Proxy statement presents three separate resolutions
for shareholder approval, which may become the template for future say on pay
proposals
Meeting on 6.04.08
Verizon
Adoption by
Verizon
in response to majority vote on shareholder proposal at 2007 annual meeting
11.01.07
In response to 50.18%
vote in favor of say on pay proposal at 2007 annual meeting, and resulting
shareholder dialogue, Verizon board adopted policy for advisory vote on
executive pay starting in 2009
Hot issue
for 2008 proxy season
