Thursday, May 22, 2008
Shareholder support for "say-on-pay" proposals at the four big banks -- Merrill Lynch, Citigroup, J.P. Morgan Chase, and Morgan Stanley -- averaged 37% of shareholder votes. While that's a healthy percentage, it's down from last year's average of 43% for the same companies -- a surprising result given the drop of stockholder value and the generous compensation packages at those firms. In contrast, shareholder support for the proposal at all U.S. corporations is roughly the same as last year. WSJ, Say-on-Pay Doesn't Play on Wall Street.