Having reached the conclusion of the 2012 proxy season, we can report that approximately:
- 69 percent of say-on-pay proposals passed with more than 90 percent support;
- 21 percent passed with between 70.1 and 90 percent support;
- 7 percent passed with between 50 and 70 percent support; and
- 3 percent (53 companies) obtained less than 50 percent support.
While the overall proportions generally are similar to last year’s results, it should be noted that in 2011 only 37 say on pay proposals obtained less than 50 percent support. Please note that these percentages follow the (For/(For + Against + Abstain)) formulation and have been rounded to the nearest percentage.
We have analyzed ISS reports and supplemental proxy filings throughout the 2012 season, and our reporting and analysis can be found in our four prior say-on-pay client mailings.