The document summarizes key changes to proxy advisor firm ISS and Glass Lewis' voting guidelines for 2013. ISS has updated its peer group methodology and will incorporate realizable pay into qualitative pay-for-performance assessments. It will also scrutinize existing change-in-control arrangements and view pledging/hedging of company stock as governance failures. Glass Lewis will consider board responsiveness to significant shareholder votes against directors. Both firms made minor adjustments to their analyses of equity plans and pay relative to performance. The document outlines actions companies should take in response to the new guidelines.
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SEC Adopts Enhanced Compensation and Corporate Governance Proxy Disclosure Rules for 2010 Proxy Season
A Practical Approach to What Companies, Boards and Compensation Committees Need to Do Now
Compliance & Communication: The Dynamic Duo of DisclosurePearl Meyer
In the years since Dodd-Frank, we’ve seen CD&As undergo a sea change in both requirements and communication styles. This single, critical document must address increasingly complex compliance issues and at the same time, connect the dots between compensation strategy, business performance and pay outcomes. And it must clearly explain these points to multiple audiences, including employees and the media. There is no single answer or template, but today we’ll explore ideas that will help companies effectively tailor their CD&A to deliver the right balance of compliance and public communication.
Our discussion will be lead by a team from Pearl Meyer & Partners’ New York office, Managing Director Deborah Lifshey and Vice President Sharon Podstupka.
In the sixth installment of The Real Deal, “Proxy Season Recap – Trends and Lessons from 2014,” Erik Lundgren and Erin Stone looked back at key trends from the 2014 proxy season and discussed lessons learned.
Winston & Strawn hosted an eLunch titled “Action Items to Prepare for 2015 Proxy Season." In the rapidly changing executive compensation field and uneven regulatory and shareholder advisory environment, it’s hard to keep up with all of the latest requirements and best practices.This practical eLunch briefing discussed the critical items that companies need to add to their year-end and proxy season “to do” lists.
PwC Presents Stock Compensation Survey Results, Trends, and Accounting Challe...Proformative, Inc.
Video & Slides: http://www.proformative.com/events/pwc-presents-stock-compensation-survey-results-trends-accounting-challenges
Join Proformative and PwC for a one-hour webinar intended to keep you informed on hot topics and recent survey data specifically focused on equity compensation. By learning more about current issues and trends, you can assess the implications on your accounting and financial reporting today and plan for the impact tomorrow.
Dodd-Frank Executive Compensation Update – Rounding the Final Turn? Winston & Strawn LLP
As the fifth birthday of the Dodd-Frank Act fades into history, we are still awaiting rules from four of its main executive compensation provisions to be finalized. Proposed rules have been issued for all four (clawbacks, pay ratio, hedging, and pay for performance), and final rules are rumored for at least one in the very near future. Meanwhile, congressional pressure increases for the SEC to issue its final rules.
Winston & Strawn partners Scott Landau and Erik Lundgren from our executive compensation and employee benefits practice gave a practical, interactive presentation that reviewed the status of each of the “Last Four” requirements, compliance challenges facing companies, and strategies and action items for addressing the requirements and their uncertain timing.
SEC Adopts Enhanced Compensation and Corporate Governance Proxy Disclosure Rules for 2010 Proxy Season
A Practical Approach to What Companies, Boards and Compensation Committees Need to Do Now
Compliance & Communication: The Dynamic Duo of DisclosurePearl Meyer
In the years since Dodd-Frank, we’ve seen CD&As undergo a sea change in both requirements and communication styles. This single, critical document must address increasingly complex compliance issues and at the same time, connect the dots between compensation strategy, business performance and pay outcomes. And it must clearly explain these points to multiple audiences, including employees and the media. There is no single answer or template, but today we’ll explore ideas that will help companies effectively tailor their CD&A to deliver the right balance of compliance and public communication.
Our discussion will be lead by a team from Pearl Meyer & Partners’ New York office, Managing Director Deborah Lifshey and Vice President Sharon Podstupka.
In the sixth installment of The Real Deal, “Proxy Season Recap – Trends and Lessons from 2014,” Erik Lundgren and Erin Stone looked back at key trends from the 2014 proxy season and discussed lessons learned.
Winston & Strawn hosted an eLunch titled “Action Items to Prepare for 2015 Proxy Season." In the rapidly changing executive compensation field and uneven regulatory and shareholder advisory environment, it’s hard to keep up with all of the latest requirements and best practices.This practical eLunch briefing discussed the critical items that companies need to add to their year-end and proxy season “to do” lists.
PwC Presents Stock Compensation Survey Results, Trends, and Accounting Challe...Proformative, Inc.
Video & Slides: http://www.proformative.com/events/pwc-presents-stock-compensation-survey-results-trends-accounting-challenges
Join Proformative and PwC for a one-hour webinar intended to keep you informed on hot topics and recent survey data specifically focused on equity compensation. By learning more about current issues and trends, you can assess the implications on your accounting and financial reporting today and plan for the impact tomorrow.
Dodd-Frank Executive Compensation Update – Rounding the Final Turn? Winston & Strawn LLP
As the fifth birthday of the Dodd-Frank Act fades into history, we are still awaiting rules from four of its main executive compensation provisions to be finalized. Proposed rules have been issued for all four (clawbacks, pay ratio, hedging, and pay for performance), and final rules are rumored for at least one in the very near future. Meanwhile, congressional pressure increases for the SEC to issue its final rules.
Winston & Strawn partners Scott Landau and Erik Lundgren from our executive compensation and employee benefits practice gave a practical, interactive presentation that reviewed the status of each of the “Last Four” requirements, compliance challenges facing companies, and strategies and action items for addressing the requirements and their uncertain timing.
This presentation was used by Ed Hauder at the National Association of Stock Plan Professionals' Chicago Chapter meeting on December 8, 2009. In it Ed walks through the newly announced policy updates from RiskMetrics Group for 2010 as well as their Compensation FAQs, and then covers tips to get shareholders to approve equity plan proposals.
This presentation provides an update on both recently issued and forthcoming pronouncements of the Financial Accounting Standards Board (FASB). Through this presentation, you should be able to identify what changes are effective for your 2015 financial statements, including changes you may choose to early adopt.
ISS’s recently announced 2014 policy changes for U.S. companies are relatively limited in scope compared to past years. The updates, which are largely unchanged from the draft policies released in November, will take effect for annual meetings beginning in February 2014.
More substantive policy revisions, however, are already in the works for the 2015 proxy season. ISS has opened a new consultation period through February 2014 to solicit feedback from governance stakeholders on five additional issues: independent chairman shareholder proposals, director tenure, director independence, auditor tenure, and equity plan scoring. Details of these and ISS’s 2014 policy updates are presented in this newsletter.
Together with my colleagues Charles Lee and Louis Rambo, we presented the attached slides to attorneys engaged in representing public companies. We address the significant new developments that will impact public companies in the upcoming proxy season, including pay ratio, proxy access, shareholder proposals, and board diversity issues. We seek to answer an important question – why hasn’t proxy access been used, despite 60% of the S&P 500 having adopted proxy access bylaws?
In the constantly evolving regulatory, litigation, and shareholder advisory environment for the executive compensation field, it’s difficult to keep up with all of the latest requirements, threats, and best practices. Partners Michael Falk and Mike Melbinger led an interactive webinar focused on the critical items that you need to add to your year-end and proxy season “to do” lists.
Executive Compensation Checklist for New and Experienced Board Members (Credi...NAFCU Services Corporation
Looking for an Executive Compensation Checklist for your Credit Union? This presentation serves as a valuable tool for new and experienced board members in pinning down the latest information on new regulations and compensation philosophies associated with creating a successful executive compensation plan. For more info, visit: www.nafcu.org/bfb
Memorandum Of Association Constitution of Company.pptseri bangash
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Personal Brand Statement:
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
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The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
1. Say on Pay:
Planning & Tactics for 2013
January 15, 2013
Steven Hall
Steven Hall & Partners
650 Fifth Ave., 33rd Floor
New York, NY 10019
212-488-5400
shall@shallpartners.com
2. Updated Investor/Proxy Advisor Firm Voting
Guidelines
• ISS Policy Changes for 2013
– ISS Peer Group Methodology Updated
– Realizable Pay Incorporated into Qualitative Pay-for-Performance
Assessment
– Pledging and Hedging: Governance Failure
– Scrutiny of Existing Change-in-Control Arrangements in Say on Golden
Parachute Proposals
• Glass Lewis Policy Changes for 2013
– Board Responsiveness to Significant (25%) Shareholder Vote
– No Changes to Pay-for-Performance Assessment
– Modification to Analysis of Equity Compensation Plan Proposals
– Equilar Accepting 2013 Peer Group Updates
• Action Items
• 2012 Say on Pay Voting Results
January 15, 2013
3. ISS Policy Changes for 2013
ISS Peer Group Methodology Updated
• Incorporates information from companies' self-selected pay
benchmarking peer groups in order to identify GICS industry groups
beyond the subject company's own GICS classification
• Focuses on a company‟s 8-digit GICS designation to identify peers that
are more closely related in terms of industry
• Prioritizes peers that maintain the company near the median of the peer
group, are in the subject company's peer group, and have chosen the
subject company as a peer
• It will be very difficult to independently identify the ISS selected peer
group
– Added complexity
– Large number of potential peers
– Increased level of “manual judgment” on ISS‟s part
-2- January 15, 2013
4. ISS Policy Changes for 2013
ISS Peer Group Methodology Updated (cont’d)
• ISS will begin the process of peer group construction and rationalization
well before companies' new 2013 proxy disclosures are available
– ISS will typically use company-selected peers disclosed in the prior
year's proxy for their new methodology
¨ For meetings in 2013, ISS will typically use peers disclosed in
2012
– ISS offered companies an opportunity to proactively provide
information regarding changes to company self-selected peer
groups
¨ Submission deadline was December 21, 2012 in order to
ensure its consideration in ISS‟s peer group construction for
2013
-3- January 15, 2013
5. ISS Policy Changes for 2013
Realizable Pay Incorporated into Qualitative Pay-for-Performance
Assessment
• ISS reviews several qualitative factors when an unsatisfactory pay-for-
performance alignment is identified in its quantitative assessment
• Three-year realizable pay compared to three-year grant pay will now be
one of the qualitative factors analyzed prior to the finalization of the ISS
vote recommendation for S&P 500 companies
– Methodology will analyze total CEO pay for each year in the analysis
without regard to whether all years are the same or different CEOs
-4- January 15, 2013
6. ISS Policy Changes for 2013
Realizable Pay Incorporated into Qualitative Pay-for-Performance
Assessment (cont‟d)
• Three-year realizable pay will consist of the sum of
– Base salary for all three years
– Annual bonus for all three years
– Earned value of long-term cash awards made during the measurement period
– Target value of long-term cash awards for on-going award cycles
– Value of share-based awards made during the measurement period less the value of
any shares that were forfeited due to failure to meet performance criteria
– Target level of share-based awards if awards are on-going/not vested
Share-based awards valued based on stock price at end of measurement
period
– Net value realized upon exercise of stock options that were granted during the
measurement period
– Black-Scholes value for unexercised stock options that were granted during the
measurement period
¨ Black-Scholes recalculated as of the end of the measurement period
– Change in pension value and nonqualified deferred compensation earnings reported for
all three years
– All other compensation reported for all three years
-5- January 15, 2013
7. ISS Policy Changes for 2013
Pledging and Hedging: Governance Failure
• “Significant” pledging and “any amount” of hedging of company stock by
directors and/or executives now considered failure of risk oversight by
ISS
– Will trigger AGAINST or WITHOLD vote recommendations against
directors
– Vote recommendations will be based on the following factors:
¨ Proxy disclosure of an antipledging policy prohibiting future
pledging activity
¨ Magnitude of aggregate pledged shares in terms of total
common shares outstanding, market value or trading volume
No bright-line test has been disclosed
¨ Disclosure of progress or lack thereof in reducing the magnitude
of aggregate pledged shares over time
¨ Proxy disclosure that shares subject to stock ownership and
holding requirements do not include pledged company stock
-6- January 15, 2013
8. ISS Policy Changes for 2013
Scrutiny of Existing Change-in-Control Arrangements in Say on
Golden Parachute Proposals
• ISS will now consider existing change-in-control arrangements with
NEOs
– Previous policy was to focus only on new or extended arrangements
• Further scrutiny will be placed on the number of problematic legacy
features in change-in-control agreements
• Recent amendment(s) incorporating problematic features will tend to
carry more weight in the analysis, but the existence of multiple legacy
problematic features will also be closely scrutinized
• ISS has provided limited guidance on how this approach will work in
practice
– Problematic change-in-control features will be considered in the
context of
¨ The amount of actual tax gross-ups reported
¨ The total change-in-control payout
-7- January 15, 2013
9. ISS Policy Changes for 2013
Scrutiny of Existing Change-in-Control Arrangements in Say on
Golden Parachute Proposals (cont’d)
• Problematic features in change-in-control agreements include:
– Single-or modified-single-trigger cash severance;
– Single-trigger acceleration of unvested equity awards;
– Excessive cash severance
¨ >3x base salary and bonus
– Excise tax gross-ups triggered and payable
¨ As opposed to a provision to provide excise tax gross-ups
– Excessive golden parachute payments
¨ On an absolute basis or as a percentage of transaction equity value
– Recent amendments that incorporate any problematic features or
recent actions that may make packages so attractive as to influence
merger agreements that may not be in the best interests of
shareholders
– The company‟s assertion that a proposed transaction is conditioned
on shareholder approval of the golden parachute advisory vote
-8- January 15, 2013
10. Glass Lewis Policy Changes for 2013
Board Responsiveness to Significant (25%) Shareholder Vote
• Glass Lewis clarified its long-standing approach to this issue, noting that
the board should demonstrate some level of engagement and
responsiveness to address the shareholder concerns when 25% or more
of shareholders (excluding abstentions and broker non-votes) vote
– WITHOLD or AGAINST a director nominee,
– AGAINST a management-sponsored proposal, or
– FOR a shareholder proposal
• While a 25% threshold alone will not be sufficient to warrant a negative
recommendation on a future proposal, it will bolster arguments to vote
against management‟s recommendation in the event Glass Lewis
determines that the board did not respond appropriately
-9- January 15, 2013
11. Glass Lewis Policy Changes for 2013
Board Responsiveness to Significant (25%) Shareholder Vote (cont’d)
• Glass Lewis will make a case-by-case assessment following
consideration of publicly available disclosures regarding:
– Changes in directorships, committee memberships, disclosure of
related party transactions, meeting attendance or other
responsibilities;
– Any revisions made to the company‟s articles of incorporation,
bylaws or other governance documents;
– Any press or news releases indicating changes in, or adoption of,
new company policies, business practices or special reports; and
– Any modifications made to the design and structure of the
company‟s compensation program.
- 10 - January 15, 2013
12. Glass Lewis Policy Changes for 2013
No Changes to Pay-for-Performance Assessment for 2013
• Pay-for-Performance Assessment revamped in July 2012
– Compensation Analysis
¨ Compensation analyzed on a three-year weighted average
basis
This is a change from the previous model that analyzed
only one year of compensation for NEOs
– Performance Analysis
¨ Performance metrics evaluated on a three-year weighted
average basis
¨ Two metrics removed
Change in stock price
Change in book value per share
¨ The five performance metrics remaining in the model are TSR,
Change in Operating Cash Flow, EPS Growth, ROE & ROA
- 11 - January 15, 2013
13. Glass Lewis Policy Changes for 2013
No Changes to Pay-for-Performance Assessment for 2013 (cont’d)
• Pay-for-Performance Assessment revamped in July 2012 (cont’d)
– Pay for Performance Grades
¨ Glass Lewis abandoned the forced curve grading system
¨ Grades now based on a company‟s relative percentile position
of compensation and performance rankings. Grades will be
assigned as follows:
A = Performance > Compensation by 60 to 100%
B = Performance > Compensation by 30 to 59%
C = Performance > Compensation or Compensation >
Performance by 0 to 29%
D = Compensation > Performance by 30 to 59%
F = Compensation > Performance by 60 to 100%
- 12 - January 15, 2013
14. Glass Lewis Policy Changes for 2013
Modification to Analysis of Equity Compensation Plan Proposals
• Glass Lewis made an addition to the overarching principles used to
evaluate equity plans
– Plans should not count shares in ways that understate the potential
dilution, or cost, to common shareholders
¨ Specifically “inverse” full-value award multipliers
- 13 - January 15, 2013
15. Glass Lewis Policy Changes for 2013
Equilar Accepting 2013 Peer Group Updates
• Equilar‟s peer groups are used by Glass Lewis in its Say on Pay
quantitative analyses
• Equilar is now accepting submissions of updated peer group data to
include in its 2013 peer group calculations
– Equilar does not plan on updating peer groups until July 2013
absent the changes submitted on its website
– U.S. companies in the Russell 3000 Index wishing to provide
updated peer group information can fill out a form on Equilar‟s
website
– Deadline for submission is January 18, 2013
- 14 - January 15, 2013
16. Action Items
In light of the new ISS and Glass Lewis guidelines, companies should take
the following actions:
• Assess current company-selected comparator group and consider how
this may differ from the group selected by the new ISS methodology
• Committees should also begin reviewing realizable pay calculations for
NEOs, and consider incorporating this information into their CD&As
• Review hedging and pledging policies, and the current pledging practices
of named executive officers and directors
• Committees should ensure that public disclosure documents all steps
taken to address shareholder concerns following voting results for either
directors or the say on pay vote fell below the required 75% threshold for
Glass Lewis or the 70% threshold for ISS
• Review change-in-control arrangements for NEOs and evaluate whether
or not such policies remain in the best interests of shareholders
- 15 - January 15, 2013
17. 2012 Say on Pay Voting Results
• 2,608 companies held Say on Pay votes in 2012
– On average, companies have received
¨ 89% FOR vote
¨ 9% AGAINST vote
¨ 2% Abstentions
• 60 companies have failed with an average 62% „Against‟ vote
– 13 companies that received a 90%+ FOR vote last year failed this
year
– 23 companies that received a 80%+ FOR vote last year failed
this year
– Four companies have failed both this year‟s and last year‟s votes
– One company received more FOR than AGAINST votes, but the
company did not approve the proposal
¨ Less than 49% FOR votes
- 16 - January 15, 2013
18. 2012 Say on Pay Voting Results
As of December 31, 2012
Sample # of Companies Average Vote*
Size Pass Fail For Against Abstain
Total Sample 2,608 2,548 60 89.3% 9.0% 1.7%
Passed Say on Pay 2,548 90.5% 7.8% 1.7%
Failed Say on Pay 60 36.0% 62.1% 1.9%
Revenue
Less than $1B 1,527 1,499 28 89.7% 8.3% 2.0%
$1B - $2B 326 310 16 87.7% 10.7% 1.5%
$2B - $5B 337 330 7 89.8% 9.0% 1.2%
$5B - $10B 182 177 5 89.0% 10.0% 1.0%
Greater than $10B 236 232 4 88.0% 11.0% 1.0%
Market Cap (as of 12/31/11)
Less than $1B 1,393 1,358 35 88.9% 9.0% 2.1%
$1B - $2B 369 359 10 90.1% 8.7% 1.3%
$2B - $5B 402 395 7 90.4% 8.4% 1.2%
$5B - $10B 180 176 4 88.2% 10.7% 1.1%
Greater than $10B 264 260 4 89.2% 9.9% 0.9%
Industry (GICS Sector)
Consumer Discretionary 347 338 9 89.4% 8.9% 1.7%
Consumer Staples 97 96 1 91.3% 7.3% 1.4%
Energy 169 165 4 88.3% 9.7% 2.0%
Financials 625 612 13 89.6% 8.7% 1.7%
Health Care 332 317 15 87.4% 11.2% 1.5%
Industrials 359 349 10 89.1% 9.1% 1.8%
Information Technology 428 422 6 89.7% 8.9% 1.4%
Materials 140 139 1 91.4% 7.2% 1.4%
Telecommunication Services 33 33 0 89.8% 8.4% 1.8%
Utilities 78 77 1 89.2% 8.0% 2.8%
* Rounded
- 17 - January 15, 2013