By Porter Wright on According to Institutional Shareholder Services, Valero Energy has become the fifth company this year to have investors support an annual advisory vote on executive compensation. Investors at Ingersoll-Rand, Motorola, Blockbuster, and Verizon Communications have also approved, by a majority or more, so-called “say on pay” advisory votes. ISS reports that in 2006, seven similar resolutions … Continue Reading
By Porter Wright on Ohio Governor Ted Strickland signed a bill into law yesterday that allows Ohio corporations to permit directors to be elected by means other than a plurality of votes. Previously, Ohio law stated that director candidates who receive the greatest number of votes are elected. The law has been amended to allow shareholders to provide for … Continue Reading
By Porter Wright on Lauren Cohen of Yale University, Andrea Frazzini of the University of Chicago, and Christopher Malloy of the London Business School have made available a study indicating a correlation between mutual fund returns and the relationship between the fund manager and the executives of the companies in which the fund managers invest. The study indicates that … Continue Reading
By Porter Wright on Staying in line with Aflac CEO Dan Amos’ belief that executives should be respected and not feared by a company’s shareholders and employees, Aflac is the first U.S. company to permit shareholders to have a say on pay. Thus, beginning in 2009, Aflac shareholders will have an advisory vote on executives’ compensation. ABC News Nightline ran a … Continue Reading
By Porter Wright on The same day the House of Representatives approved the Shareholder Vote on Executive Compensation Act, a similar bill was introduced by Senator Barack Obama in the U.S. Senate. The bill has been referred to the Committee on Banking, Housing, and Urban Affairs. We will continue to update you on any developments.… Continue Reading
By Porter Wright on On April 20, members of the U.S. House of Representatives approved a bill that would provide shareholders of public companies with an advisory vote on executive compensation. H.R. 1257, the “Shareholder Vote on Executive Compensation Act,” was passed by a vote of 269-134. H.R. 1257 would also provide shareholders with a separate advisory vote on golden … Continue Reading
