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Forum Report: “Say on Pay”
Status of Proposed "Triennial" Voting
Alternative
Ed Durkin of the United Brotherhood of
Carpenters ("UBC") has reported withdrawing the proposals for an alternative
"triennial" process of votingfrom all of the companies to which
it had been submitted
with the following explanation:
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We made a decision
that the best course of action to take was to withdraw the triennial
pay vote proposal from the companies to which it was submitted. On
balance, we felt that it would not be constructive to call the vote on
the issue at this subset of companies in light of the status of the
legislative process. We had good discussions about the pay vote issue
and executive compensation generally with most of the companies, and a
number of them offered to lend their voice to the effort to
legislatively establish a triennial vote as outlined in the proposal.
The UBC is continuing to advocate for a triennial vote in Congress,
with the recent TARP company say-on-pay votes providing solid evidence
of the shortcomings of the say-on-pay vote formulation in HR 3269
(annual vote, vote on overall plan only, applied to all
publicly-traded companies). |
Comments
on this report, as well as on Mr.
Durkin’s July observations, will be welcomed.
GL – September 3, 2009
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212-605-0335
Email:
gl@shareholderforum.com
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