In other "say on pay" news, the sisters of St. Scholastica Monastery are back in the habit this proxy season. Sister Susan Mika is director of corporate responsibility of the St. Scholastica Monastery near San Antonio. Yes, monasteries have directors of corporate responsibility. The nuns are having an active proxy season this year (you read that correctly), taking on issues from executive compensation at Coca-Cola to the year’s most penitent legumes grown by Cargill. Sister Susan is pushing a “say on pay” shareholder resolution at Coke that would require a direct shareholder vote to approve executive compensation. The nuns own $25k worth of Coke stock, which gives them a 0.0000002% stake in the company, or at least enough to take issue with Neville Isdell’s $250k travel budget. This is $250k that can’t come from Isdell's $26mm annual take-home pay.
The nuns have an active history of fighting for various corporate reforms, historically lobbying for everything from wage hikes at Alcoa to the elimination of genetically modified crops at DuPont. Other organizations are following suit, from BusinessWeek:
Coke isn't the only company facing shareholder resolutions for "say on pay" provisions. This year, a total of 60 such shareholder measures have been filed at public companies—up from seven a year ago. The proposals have been pushed by an unusual group of activists, from the Benedictine Sisters to the American Federation of State, County & Municipal Employees (AFSCME) to Walden Asset Management, a socially responsible investing firm. This week, at least three other companies face "say on pay" votes: Citigroup (C), U.S. Bancorp (USB), and Wachovia (WB).
Sisters on a Mission at Coke – [BusinessWeek]