Weil's "Heads-Up for the 2021 Proxy Season: Insights & Warnings for Compensation Committees are Revealed in the Say-on-Pay Vote Results of Midyear Proxy Filers" reveals ISS vote recommendations and say-on-pay vote results for 2020 quarter and midyear FYE companies that adjusted their executive pay/pay programs due to COVID-19 that may help inform other companies' compensation-related proxy disclosure. Of the 42 companies identified, 25 (60%) disclosed COVID-19-related adjusted pay plans. In that more than 70% of those companies garnered equal or higher say-on-pay support compared to 2019 and just one received a negative recommendation from ISS, companies that have not yet made COVID-19-related pay disclosure may benefit from reviewing these disclosures. The memo includes sample disclosures and ISS's position on various types of pay adjustments based on its October 2020 Compensation FAQs (reported on here).
Access additional resources on our Say-on-Pay, Proxy Season 2021, Annual Meeting/Proxy Statement, Proxy Advisors, and Executive Pay pages. This post first appeared in the weekly Society Alert!