The Council of Institutional Investors has released a post-mortem report on the 2011 say-on-pay experience.  Among its findings is that, by an overwhelming margin, the single-most cited factor for why institutional investors voted against the executive compensation programs at the 37 companies who failed their 2011 say-on-pay votes was a “disconnect” between the CEO’s pay and the company’s performance (measured by 1, 3 and 5-year trailing TSR).  “Problematic” pay practices came in a distant second, while other NEOs’ compensation appears to have been largely ignored.