The Say on Pay Frequency Tracking page has been updated to reflect proxies filed through February 5, 2011.
Triennial SWOP still remains the frequency recommended by a majority of the companies that have filed their proxies so far. However, the percentage of companies recommending a triennial frequency slipped slightly this past week, while the percentage of companies recommending an annual SOP vote frequency increased by a full percentage point. Given that the larger companies that came out with recommendations this past week backed an annual SOP vote frequency, it remains to be seen whether this represents a shift in attitude towards the “acceptable” frequency recommendation in the wake of the Monsanto vote and more institutional shareholders coming out in favor of an annual frequency. No companies this past week came forward with either biennial or no recommendation on SOP frequency.
Several well-known companies this week filed proxies and indicated their preference for an annual say on pay vote frequency:
- Annual: Carnival Corporation, Eli Lilly and Company and Hewlett-Packard Company
Meanwhile, a majority of companies for the week came out recommending for a Triennial say on pay vote frequency, including:
- Triennial: Analog Devices, Inc., Hovnanian Enterprises, Inc. and The Toro Company
Here are the current stats:
- Annual: 65 (29.5%)
- Biennial: 13 (5.9%)
- Triennial: 130 (59.1%)
- No recommendation: 12 (5.5%)
Total companies tracked: 220