More than a year has passed since the Dodd-Frank Wall Street Reform and Consumer Protection Act became law, and by now, most of the first proxy season with shareholders issuing an advisory vote on the compensation of executives (say-on-pay) as well as an advisory vote on the frequency of the say-on-pay vote (say-on-frequency) is completed. So what’s happened during this time?
So far, only about two percent of the public companies reported that a majority of their shareholder votes disapproved of their executive pay programs, suggesting that investors generally do not want to second guess compensation committees. On the flip side, however, investors have shown a clear preference for annual say-on-pay votes, as opposed to the often recommended triennial say-on-pay votes by management.
The Benefits of Dodd-Frank
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