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September 3, 2009 Forum Report:

Status of Proposed "Triennial" Voting Alternative



Forum Report: “Say on Pay”


Status of Proposed "Triennial" Voting Alternative


            Ed Durkin of the United Brotherhood of Carpenters ("UBC") has reported withdrawing the proposals for an alternative "triennial" process of voting on compensation from all of the companies to which it had been submitted,[*] with the following explanation:


We made a decision that the best course of action to take was to withdraw the triennial pay vote proposal from the companies to which it was submitted. On balance, we felt that it would not be constructive to call the vote on the issue at this subset of companies in light of the status of the legislative process. We had good discussions about the pay vote issue and executive compensation generally with most of the companies, and a number of them offered to lend their voice to the effort to legislatively establish a triennial vote as outlined in the proposal. The UBC is continuing to advocate for a triennial vote in Congress, with the recent TARP company say-on-pay votes providing solid evidence of the shortcomings of the say-on-pay vote formulation in HR 3269 (annual vote, vote on overall plan only, applied to all publicly-traded companies).


            Comments on this report, as well as on Mr. Durkin’s July observations, will be welcomed.

GL – September 3, 2009


Gary Lutin

Lutin & Company

575 Madison Avenue, 10th Floor

New York, New York 10022

Tel: 212-605-0335






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