The Say on Pay Frequency Tracking page has been updated to reflect proxies filed through February 11, 2011.
While Triennial SWOP remains the frequency recommended by a majority of the companies that have filed their proxies so far, the percentage of companies recommending a triennial frequency slipped again this past week, while the percentage of companies recommending an annual SOP vote frequency again increased by a full percentage point (Annual SOP frequency has increased by two percentage points over the past two weeks, going from 28.5% (week of 1/24/11) to 30.5% (last week)). Most of the proxies filed this week were preliminary proxies. Given that the larger companies that came out with recommendations this past week tended to back an annual SOP vote frequency, I think we’re witnessing 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. One company came out with a biennial SOP frequency recommendation. Finally, no companies this past week came forward with no recommendation on SOP frequency.
Larger companies that filed proxies last week and indicated their preference for say on pay vote frequency:
- Annual: Earthlink, Inc. and Fortune Brands, Inc.
- Biennial: Schlumberger Limited
- Triennial: ABM Industries, Inc., Allergan, Inc. and Sensata Technologies Holding N.V.
Here are the current stats:
- Annual: 71 (30.5%)
- Biennial: 14 (6.0%)
- Triennial: 136 (58.4%)
- No recommendation: 12 (5.2%)
Total companies tracked: 233