Issue link: https://digital.shearman.com/i/1512772
Shearman & Sterling LLP Say-on-Pay | 98 Of the 95 Top 100 Companies that held a say-on-pay vote in 2022, 52 received approval rates in excess of 90% (slightly lower than the 56 companies in 2021), and 13 received approval rates below 70% (slightly lower than the 16 companies in 2021). Say-On-Pay Approval Rates in 2022* Of the Top 100 Companies Say-on-pay vote passed Say-on-pay vote failed 99 Held a say-on-pay vote in 2023 96 3 Five of the Top 100 Companies hold say-on-pay roles in a triennial cycle, and the remaining hold annual votes. 2023 represented the 12th proxy season under the Dodd-Frank Act's mandatory say-on-pay regime. As was the case last year, most Top 100 Companies continue to receive high approval rates. Say-on-Pay 7 1 5 5 3 4 9 4 1 17 44 47 12 12 43 7 19 6 3 5 9 3 9 4 Below 50% 50% – 59% 60% – 69% 80% – 84% 85% – 89% 70% – 79% 90% – 94% More than 95% 2021 2022 2023 * Approval rates are calculated on the ratio of votes "for" over the sum of votes cast plus abstentions, as reported in SEC filings. Ranges include fractional percentages, so, for example, the range of 50%–59% includes all voting results from 50.00% to 59.99%. Data