July 29, 2011
More on Say-on-Pay
I recently posted some figures on the outcome of the say-on-pay shareholder votes mandated by the Dodd-Frank Act and new SEC Rule 14a-21. (This one has not been invalidated by the D.C. Circuit.) The Harvard Law School Forum on Corporate Governance and Financial Regulation has published a much more thorough analysis by Michael Littenberg, a partner at Schulte Roth & Zabel LLP. Among other things, he breaks down the vote by market capitalization, industry, and Institutional Shareholder Services recommendation. He concludes that “most companies made it through . . . [say-on-pay] . . . unscathed in 2011.” Definitely worth reading.