Say on Golden Parachute Approval Increased in 2013 Despite Increased ISS Opposition
January 9, 2014
It turns out that say on pay was not the only mandatory, non-binding shareholder proposal to see a fairly notable increase in shareholder support in the 2013 proxy season. According to an article in the Wall Street Journal, shareholder approval of golden parachutes proposals saw a four percent bump in approval - up from 82% in 2012 to 86% in 2013. In 2013, say on pay results saw a 50% reduction in failures and more than a two percent increase in average shareholder support over 2012 which was likely affected by a three percent reduction in negative recommendations by ISS. Paralleling the upward trend, company golden parachute proposals saw the four percent bump in approval despite an eight percent increase in the number of ISS recommendations against such proposals.