In an interview at the NIRI annual conference in June 2011, John Siemann, president and partner at Phoenix Advisory Partners, a proxy solicitation and corporate governance advisory firm, asks: ‘What does a positive say-on-pay vote really mean?’ He points out that around 300 companies won with less than 90 percent of the total vote, including JPMorgan, Disney, Pfizer, Johnson & Johnson and AllState. For those 300, winning say-on-pay votes this year doesn’t guarantee an easy time in 2012.
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