The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sun, 19 Jul 2026 11:30:24 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Continuing Developments in the 2012 Proxy Season – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Continuing Developments in the 2012 Proxy Season https://corpgov.law.harvard.edu/2012/05/08/continuing-developments-in-the-2012-proxy-season/?utm_source=rss&utm_medium=rss&utm_campaign=continuing-developments-in-the-2012-proxy-season https://corpgov.law.harvard.edu/2012/05/08/continuing-developments-in-the-2012-proxy-season/#comments Tue, 08 May 2012 14:33:00 +0000 http://blogs.law.harvard.edu/corpgov/?p=28546?d=20120508103300EDT Editor’s Note: The following post comes to us from Stuart N. Alperin and Regina Olshan, partners in the Executive Compensation and Benefits group at Skadden, Arps, Slate, Meagher & Flom LLP, and is based on a Skadden alert. This alert is the second in a series; the prior alert is available here.

As we continue to monitor developments in the unfolding 2012 proxy season, here are some key themes that have emerged thus far:

What are the overall vote results?

Of the first 180 companies of the Russell 3000 to report the results of say-on-pay proposals, approximately:

  • 65 percent have passed with more than 90 percent support;
  • 25 percent have passed with between 70.1 percent and 90 percent support;
  • 8 percent have passed with between 50 percent and 70 percent support;
  • 2 percent (three companies) obtained less than 50 percent support — Actuant and International Game Technology were discussed in our prior mailing and KB Home is discussed below. In a vote result reported after the cutoff date for the calculations above, news reports indicated that Citigroup Inc.’s say-on-pay proposal received 45 percent of votes cast, making it the fourth company (and the largest company) whose say-on-pay proposal has received less than 50 percent support this year.

Thus far, these percentages are not materially different from the full-year results for the 2011 proxy season.

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