The Conference Board, NASDAQ and the Rock Center for Corporate Governance at Stanford University conducted a survey and found that proxy advisory firms have a substantial impact on the design of executive compensation programs. The Conference Board put out a Director Notes titled The Influence of Proxy Advisory Firm Voting Recommendations on Say-on-Pay Votes and Executive Compensation Decisions, by David F. Larker, Allan L. McCall, and Brian Tayan in March 2012 that summarized the findings of that survey. The report looks at the influence of ISS and Glass Lewis vote recommendations. The Director Notes issue is available at:

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