Of interest….. it sounds as though say on pay was a big part of proxy votes..but do these votes actually affect compensation packages and to what degree….. also is the question of other influence and affect governance by proxy votes. See next post today.
Excerpt……..This report examines current evidence regarding the influence of third-party proxy advisory firms’ voting recommendations on shareholder proposal voting outcomes, particularly say-on-pay votes. It also presents the findings of a study, conducted by The Conference Board, NASDAQ, and the Rock Center for Corporate Governance at Stanford University, which shows that proxy advisory firms have a substantial impact on the design of executive compensation programs. However, the impact of those firms on governance quality and shareholder value is still unknown.