Since April 3, 2012, a few more companies have filed additional proxy materials to support their SOP votes (click on the company name to be taken to the materials they filed with the SEC):

  • April 4, 2012: United States Steel Corporation filed material to refute a negative ISS SOP vote recommendation, primarily by objecting to the ISS peer group and offered its own P4P analysis using the company’s own peer group.
  • April 5, 2012: Life Technologies Corporation filed material to refute a negative ISS SOP vote recommendation, objecting to the peer group ISS used, offering a P4P analysis using the company’s own peer group as well as raising the total returns the company has enjoyed versus CEO compensation.
  • April 12, 2012:
    • Janus Capital Group filed a lengthy presentation that walks through what it had done to address shareholder concerns expressed through the failed 2011 SOP vote as well as why it believed pay and performance were aligned and thus why shareholders should not follow the ISS vote recommendation against the SOP vote.
    • NCR Corporation filed materials to refute a negative ISS vote SOP recommendation. The materials laid out the company’s arguments that it did align pay with performance and offered a realized pay chart to back up that assertion, that the company’s CEO was an outstanding leader who deserved an opportunity to earn above the 75th percentile compared to the company’s peers, that it is in the interests of shareholders to retain the CEO and that ISS’s analysis was flawed because it underestimates the company’s operating results.
  • April 13, 2012: NYSE Euronext filed materials to oppose the negative SOP vote recommendation issued by certain proxy advisory firms. The company argued that its core financial performance was strong and that compensation should be evaluated against an appropriate peer group. The company then detailed recent compensation actions which show P4P alignment and detailed additional best practices it is following.
  • April 16, 2012:
    • Consol Energy Inc. filed materials to oppose a negative ISS SOP vote recommendation. The materials detailed financial performance in 2011, compared key metrics to those of peers, detailed the actions it took in response to its 2011 SOP vote and detailed why it believes ISS’s analysis is fundamentally flawed in a number of respects.
    • Health Care REIT, Inc. filed materials to oppose the negative SOP vote recommendations issued by ISS and Glass Lewis. The company details its performance, describes why the CEO received a $1 million equity grant (to extend his employment agreement), takes on the ISS analysis and then offers a comparative analysis for shareholders.
  • April 17, 2012:
    • Hess Corporation filed materials to oppose the negative SOP vote recommendations issued by ISS and Glass Lewis. The company details the actions it took to align P4P in 2011, indicates that ISS and GL did not give proper credit to its new relative TSR plan, and argues that ISS’s peer group is flawed and that ISS’s stock option valuations are misleading.
    • Laboratory Corporation of America Holdings filed materials to oppose a negative ISS SOP vote recommendation (noting that Glass Lewis supports the SOP vote this year as it did last year).  The materials pick up some discrepancies in the ISS Proxy Report (SOP against recommendation when Compensation GRId subscore had a “low” concern, etc.), and then argued that the ISS peer group was flawed and that if ISS had used the company’s own peer group it would have reached a different conclusion.
    • Marriott International, Inc. filed materials to oppose a negative ISS SOP vote recommendation (and noted that Glass Lewis issued a “For” vote recommendation on the SOP vote). The materials argue that ISS fails to adequately recognize the favorable impact on shareholder value of the timeshare spinoff and argues that the company’s programs are tied to  long-term value.
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