As first reported in Broc's Blog, late Friday, in the very first week of annual shareholder meetings under Dodd-Frank's mandatory say-on-pay regime, the first company reported a 54% "against" vote and a 45% "for" vote (Form 8-K). I hate to say "I told you so," but I have written over and over about the need to develop and implement a strategy for improving the company's chances of receiving a favorable vote on SSOP.

The SSOP vote is a single "for" or "against" vote on the entire executive compensation package (and everything that went into it). There is no way for shareholders to single out one or two items about the package (or the process) that they don't like. For many shareholders, SSOP is their only opportunity to voice a complaint about anything related to the company or its executive, short of selling their stock. And it now appears that many will take that opportunity.

It may not be too late to implement a strategy to improve your chances, but you had better start soon.

On January 31, 1919, Jackie Robinson was born (d. 1972).