• Say On Pay Makes its Debut in the 2011 Proxy Season
  • August 4, 2011
  • Law Firm: Cooley LLP - Palo Alto Office
  • Did the first year of say on pay reveal that stockholders are mad as hell and not going to take it anymore? Or did it reveal that, frankly, stockholders don't give a damn about executive compensation? If you kept up with the media headlines, you saw an almost continuous flow of articles and columns that expressed dismay at excessive executive compensation, conveyed alarm at the increasing disparity in pay between executives and the rest of the work force and lamented times past when it would have been almost unseemly for executives to accept such enormous hikes in pay. However, the vote tallies from this proxy season seem to belie those headlines: to date, less than 2% of say-on-pay proposals have failed. So what have we learned from the debut of say on pay?