Tuesday, May 6, 2008
Is the "say on pay" shareholder proposal campaign losing its momentum? While Aflac yesterday became the first major U.S. corporation to give its shareholders an advisory vote on executive compensation, so far this proxy season these proposals have received a majority of votes cast only at Apple and Lexmark International. At many corporations the say on pay proposal received less support than last year, in part because of aggressive campaigning by the corporation, who argue that it is not necessary. WPost, 'Say-on-Pay' Movement Loses Steam; NYTimes, Aflac Investors Get a Say on Executive Pay, a First for a U.S. Company.