One could be forgiven for assuming that a piece headlined “Companies Say ‘No Way’ to ‘Say on Pay’” would be rife with examples of intransigent executives and scofflaw boards gleefully telling shareholders to go screw themselves while bathing in Chateau d’Yquem on their private jets. The reality is somewhat less scandalous: The very few companies who lose the required by non-binding say-on-pay votes do something about it—even the very, very worst offenders among them.
Oracle has failed its say-on-pay vote the past two years, despite Mr. Ellison’s token $1 salary, and will likely face frustrated shareholders again in the fall….
The company significantly cut its yearly stock grants to Mr. Ellison and other executives this year….
At Tutor Perini, for instance, only 44% of shareholders supported the executive-pay packages this year….
The vote was a slight improvement from 38% the past two years because the company restructured its long-term incentives and added performance metrics.
Companies Say ‘No Way’ to ‘Say on Pay’ [WSJ CFO Journal]