Earlier this month, ISS released its own research that looked at the 2011 Say on Pay votes, Parsing The Vote: CEO Pay Characteristics Relative to Shareholder Dissent, by Subodh Mishra.  This research paper looked at CEO pay and total shareholder returns (TSR) and how those related to the SOP votes achieved at companies during 2011. In particular, the paper compared companies that had SOP support of 95+% to those that did not and found that those outside the 95+% SOP support group had CEOs receiving substantially greater pay than those in the 95+% group.

The research paper is available at:

http://www.isscorporateservices.com/node/22038

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