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Say-on-Pay Voting Eases Opposition to Board Nominees, According to 2012 Proxy Voting Data
The Conference Board 
Aug. 1, 2012
"In director elections, the spike in opposition votes detected in the aftermath of the financial crisis represented the sentiment of the investment community regarding executive compensation.... The more recent trend reversal in opposition votes shows that, while say-on-pay voting practices may still need fine-tuning, they are producing the desired effect of favoring corporate-investor engagement on a matter that is critical to shareholder value creation."
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