Power Breakfast: ‘Say on pay’ shareholder proposals, Atlanta foreclosures rise, solar power, tax foe, BP and Obama

The “say-on-pay” debate appears to be heating up, given the enormous compensation of some CEOs.

Home Depot and Coca-Cola opposed shareholder proposals this year to hold such nonbinding votes on executive compensation at future annual shareholder meetings, AJC reporter Russell Grantham writes.

Coke’s major bottler, Coca-Cola Enterprises, likewise opposed a shareholder proposal seeking a say on large future exit packages called “golden parachutes.” Shareholders rejected the proposals at all three companies, Grantham reports.

But their victories could be short-lived, because lawmakers in Washington, D.C., are working on legislation that could make the votes mandatory at all publicly traded companies’ annual meetings.

The “say on pay” provisions are in both the House and Senate versions of financial reform legislation that lawmakers are trying to meld into a final bill this summer, Grantham writes.

While experts debate how much impact the proposed votes would have, it’s clear that many people are angry at a perceived disconnect between stratospheric executive pay and the shaky recovery of many companies, Grantham writes.

Also, here’s the link for a list of Georgia’s highest-paid executives.

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One comment Add your comment

TnGelding

June 14th, 2010
6:07 am

“Shareholders” rejected the proposals? Is it any wonder with the number of shares controlled by the CEOs other executives and board members? Not to mention the proxies.