2023 Say-On-Pay Winners & Losers
There was no shortage of Say-on-Pay issues again in 2023. As is usually the case, many of those companies that failed (or even lacked full support) on say-on-pay votes had poor stock price returns. For those that had the double issue of poor say-on-pay and tanking stock prices, 2024’s proxy season will be challenging and could result in material changes to the board and executive ranks. Below we highlight many of those that failed both on votes and returns, and the few that surprised on the upside after shareholders voiced their discontent.
List of 2023 Say-on-Pay Failures Whose Stock Price Tanked
When shareholders vote “NO” on Say-on-Pay, it’s usually a good indication that something is wrong at the company. Sometimes the issue is actually laser-focused on compensation amounts or structure (e.g. Netflix), but in many cases it is a vehicle for shareholders to let the board and executives know performance simply isn’t good enough. The list below shows companies where shareholders sent a strong message that things needed to change and shareholders ended up losing big in 2023.
List of 2023 Say-on-Pay Failures That Surprised on the Upside
While Say-on-Pay voting can often be an good indicator of future poor stock price performance, these companies managed to deliver winning stock returns in 2023 despite poor Say-on-Pay voting in 2023.
* Data as of Dec 22, 2023