Wednesday, February 27, 2008
"Say on pay" resolutions are on proxy statements of almost 100 companies this year, including Citigroup, Walmart, and Apple. Last year resolutons to adopt an advisory vote on executive compensation attracted, on average, about 40% support from shareholders. Corporate management, however, resist adopting advisory votes, and since the resolutions are nonbinding, they don't have to. Management say shareholders have other opportunities (such as?) to express their concerns. WSJ, 'Say on Pay' Gets a Push, But Will Boards Listen?