According to ISS Voting Analytics data as of March 22, 2011, over 90% of companies have garnered majority support in their say on pay votes; however, four companies have failed to receive majority support in their say on pay votes during the 2011 proxy season. The companies failing to obtain majority support are as follows:
- Jacobs Engineering Group
- Beazer Homes USA
- Shuffle Master
Interestingly, there may be a fifth company that has failed to garner majority support. A public company recently reported in its press release that its stockholders approved its say on pay proposal. However, in the company’s definitive proxy statement, it stated that it would count abstentions as votes against the proposal on say on pay. Accordingly, if the abstentions are counted as votes against the proposal on say on pay, the proposal failed by a margin of 57% to 43%.