2014 Say on Pay Voting Results

As of December 31, 2014

• 3,422 companies held Say on Pay votes in 2014
• 66 companies (1.9%) have failed with an average 59% ‘Against’ vote
• 71% of companies have received a greater than 90% ‘For’ vote
• Average vote among all companies
  • 90% ‘For’ vote
  • 8% ‘Against’ vote
  • 2% Abstain

Recent Short Takes:
Glass Lewis Releases 2015 Policy Guidelines
ISS Releases 2015 Proposed Changes to Executive Compensation Evaluation Policy
2014 Top 200 Director Compensation Study