Say-on-Pay outcomes in the 2026 proxy season have remained broadly favorable, continuing a multi-year trend of strong shareholder support and limited opposition. Fewer companies have experienced low support or failed votes, reflecting generally aligned pay and performance outcomes across much of the market. These results have been supported, in part, by strong equity market performance in 2025.

At the same time, investors and proxy advisors continue to scrutinize company-specific compensation decisions, with certain factors continuing to drive lower support levels. This has been particularly relevant over the past year, as compensation committees have navigated ongoing macroeconomic volatility and sought ways to reflect unexpected circumstances outside management’s control (such as the effects of tariffs) fairly within compensation program design and payout determinations.

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