A new report by GMI Ratings counts 157 companies in the Russell 3000 and 42 companies in the S&P 500 that garnered less than 70 percent shareholder approval for executive pay packages. It complements another report [PDF] by GMI that examined eight S&P 500 companies that failed altogether to win majority approval for executive pay.
“I would have thought that there would have been more failures the first time around,” says GMI research associate Greg Ruel, who authored GMI’s Say on Pay Review: Potential Say on Pay Failures for 2012 [PDF]. “But never having seen this before, it was hard to tell how the first vote would play out.”
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