“Say on Pay” Wins Majority Votes

June 18th, 2008

“Say on Pay” is a campaign to give shareholders a voice in executive compensation. The Missionary Oblates co-filed “Say on Pay” Resolutions through ICCR with Apple Computer and Cisco Systems this year.

Brought about by excessive compensation packages for corporate executives, over 90 “Say on Pay” proposals were filed with companies in the 2008 filing season. Pay vote proposals have averaged 43.1% support over the 35 meetings where results are known. To date, nine majority votes have been recorded so far.

“Say on Pay” would not over-ride compensation decisions, but would allow shareholders to weigh in on whether they believe the executive compensation being proposed is warranted. Allowing an up or down vote on pay would encourage the company to explain and justify the executive pay policy to shareowners.

Companies for which a majority of shareholders voted to have a Say on Pay are:

• Apple – 50.7%
• Alaska Air – 53.0%
• Ingersoll-Rand – 54.0% (two years in a row)
• Lexmark International – 59.8%
• Motorola – 54.0% (two years in a row)
• PG&E – 52.7%
• Rackable Systems – 51.4%
• South Financial Group – 51.9%
• Tech Data – 61.8%

Learn more …

• Say on Pay Facts and Background (Download PDF)

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