Public Companies That Failed Say-on-Pay Votes in 2024
Introduction
Say-on-Pay is a shareholder advisory vote on executive compensation packages, required by the Dodd-Frank Act. While these votes are non-binding, they serve as an important signal of shareholder sentiment regarding executive pay practices. This analysis identifies public companies that failed to receive majority shareholder support for their executive compensation in 2024.
| Ticker | Support % | Details |
|---|---|---|
| AGS | 33.2% | AGS had a failed say-on-pay vote on June 21, 2024 with 9,343,656 For votes and 18,811,246 Against votes (33.2% support). |
| AMC | 38.9% | AMC had a failed say-on-pay vote on June 5, 2024 with 19,321,593 For votes and 30,370,851 Against votes (38.9% support). |
| ARLO | 41.9% | Arlo Technologies, Inc. had a failed say-on-pay vote on June 21, 2024 with 30,993,462 For votes and 42,994,509 Against votes (41.9% support). |
| AUPH | 40.4% | Aurinia Pharmaceuticals Inc. (AUPH) had a failed say-on-pay vote on June 14, 2024 with 30,780,033 For votes and 45,321,684 Against votes (40.4% support). |
| CAG | 44.7% | Conagra Brands, Inc. had a failed say-on-pay vote on September 18, 2024 with 166,656,287 For votes and 206,154,506 Against votes (44.7% support). |
| CARV | 41.55% | Carver Bancorp, Inc. (CARV) had a failed say-on-pay vote on December 12, 2024 with 1,171,467 For votes and 1,648,492 Against votes (41.55% support). |
| CELZ | 48.8% | CELZ had a failed say-on-pay vote on July 19, 2024 with 217,019 For votes and 227,926 Against votes (48.8% support). |
| CMLS | 35.02% | Cumulus Media Inc. (CMLS) had a failed say-on-pay vote on May 2, 2024 with 3,635,051 For votes and 6,742,340 Against votes (35.02% support). |
| CRM | 45.60% | Salesforce had a failed say-on-pay vote on June 27, 2024 with 339,289,556 For votes and 404,773,012 Against votes (45.60% support). |
| DOCU | 45.14% | DocuSign, Inc. had a failed say-on-pay vote on May 29, 2024 with 58,595,379 For votes and 71,200,618 Against votes (45.14% support). |
| ESGR | 40.3% | Enstar Group Limited (ESGR) had a failed say-on-pay vote on November 6, 2024 with 5,030,442 For votes and 7,436,269 Against votes (40.3% support). |
| FCEL | 45.3% | FuelCell Energy, Inc. had a failed say-on-pay vote on April 4, 2024 with 52,136,311 For votes and 63,057,663 Against votes (45.3% support). |
| GIII | 30.9% | G-III Apparel Group, Ltd. had a failed say-on-pay vote on June 18, 2024 with 12,591,741 For votes and 28,131,838 Against votes (30.9% support). |
| HOG | 49.9% | Harley-Davidson, Inc. (HOG) had a failed say-on-pay vote on May 16, 2024 with 54,096,050 For votes and 54,237,083 Against votes (49.9% support). |
| IRTC | 48.8% | iRhythm Technologies, Inc. had a failed say-on-pay vote on May 29, 2024 with 13,811,197 For votes and 14,494,735 Against votes (48.8% support). |
| JBLU | 24.1% | JetBlue Airways Corporation (JBLU) had a failed say-on-pay vote on May 17, 2024 with 44,124,572 For votes and 138,718,249 Against votes (24.1% support). |
| K | 41.8% | Kellanova had a failed say-on-pay vote on November 1, 2024 with 111,656,930 For votes and 154,613,148 Against votes (41.8% support). |
| KZR | 42.13% | Kezar Life Sciences, Inc. (KZR) had a failed say-on-pay vote on June 18, 2024 with 19,831,332 For votes and 27,203,746 Against votes (42.13% support). |
| LADR | 38.94% | Ladder Capital Corp had a failed say-on-pay vote on June 6, 2024 with 31,169,634 For votes and 48,876,226 Against votes (38.94% support). |
| MMM | 45.3% | 3M (MMM) had a failed say-on-pay vote on May 14, 2024 with 153,684,148 For votes and 185,471,337 Against votes (45.3% support). |
Analysis
Failed say-on-pay votes often indicate shareholder concerns about executive compensation practices, including excessive pay levels, poor pay-for-performance alignment, or inadequate disclosure. Companies typically respond to failed votes by engaging with shareholders and revising their compensation practices.
This data is extracted from SEC filings using Fintool's AI-powered analysis, providing real-time insights into corporate governance and executive compensation trends.