Broadridge Financial Solutions, Inc. (NYSE:BR) and PwC's Governance Insights Center today released their ProxyPulse™ report for the 2016 proxy mid-season analyzing data from 1,881 U.S. public company shareholder meetings held between January 1, 2016 and May 15, 2016.
The report revealed that say-on-pay support at micro-cap companies fell 10 percentage points from the same period last year, while small-cap companies saw a decrease in say-on-pay support of two percentage points from 2015 to 87 percent this year.
"Say-on-pay continues to foster discussion between companies of all sizes and their shareholders," said Chuck Callan, senior vice president, regulatory affairs, Broadridge.
Another finding in the report is that support for directors weakened over the same period last year. Although there were fewer directors standing for election, more directors failed to achieve majority support this year than last. Almost half of the companies that had at least one director fail to gain majority support last year also had a director fail to do so this year.
Proxy access continues to be a major theme this season. "So far this proxy season, over 30 shareholder proposals for proxy access came to a vote and more than half have failed to achieve majority support. Although overall support was slightly lower than last year, many companies have voluntarily adopted proxy access bylaws -- thereby averting a shareholder vote," said Paul DeNicola, managing director of PwC's Governance Insights Center.
The report also includes a preview of demographic data on US equity shareholders.