Many U.S. public corporations experienced relatively little immediate impact from the first say-on-pay proxy season; however, most companies are either planning or considering changes to their executive pay-setting process and overall preparations for 2012's proxy season, according to a new survey by Towers Watson.
Seventy-nine percent of respondents say say-on-pay either had no or only a little to moderate impact on their focus for the 2011 proxy season, the survey shows, while 72 percent of respondents plan to dedicate approximately the same effort next year.
Despite that, 71 percent of respondents that received much resistance to their programs plan to dedicate more time and effort next year, the survey reveals. Sixteen percent of respondents faced less than 80 percent of shareholder support, and 41 percent of respondents that faced at least one proxy advisory firm "against" recommendation also anticipate a larger effort next proxy season.
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