Shareholders approved a higher percentage of non-binding "golden parachute" proposals in M&A deals in 2013 than in 2012, despite ISS's increasing resistance to such proposals, according to this report in the WSJ from Monday.
There have been a total of 141 votes on executive compensation packages linked to company takeovers, and 86% passed, according to FactSet SharkWatch. That's up from 82% the prior year on 113 votes.
The increase runs counter to direction from proxy adviser Institutional Shareholder Services, which is making more negative recommendations on pay perks for executives who sell their companies.
ISS advised shareholders to vote against 28% of golden parachute proposals between February and the end of October, according to compensation consultants Pearl Meyer & Partners. That was a big jump from negative recommendations in 20% of all votes held through the end of 2012.
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