Feeds

Cisco shareholders win say-on-pay

Shake tiny fists at big wallets

Boost IT visibility and business value

Cisco shareholders have narrowly approved a right to shake their tiny fists at the company's executive payroll.

The networking equipment giant is the latest tech vendor to be enamored by "say-on-pay" schemes amidst public outrage over enormous corporate potentate payouts in the crap economy.

Notables like Microsoft, Apple, and Verizon have already given themselves the right to dispense advice on executive wallet sizes.

Cisco's narrowly approved say-on-pay plan would allow shareholders to cast a non-binding vote on compensation of senior executives each year. The deal was put to a vote during the company's annual shareholder meeting on Thursday, but the results were declared "too close to determine" and left out of preliminary vote results.

Thirty-four per cent of shares outstanding voted in favor of the proposal, with 32 per cent opposing. The remaining votes abstained.

Even though the scheme is non-binding and arguably toothless, Cisco executives were unsurprisingly against it. The company said in a statement that the measure is unnecessary because shareholders already have more effective ways to communicate their views on executive compensation "through regular discussions with management" and the compensation committee of the board of directors.

"Given the many different facets of compensation policy, a simple, non-binding vote does not provide guidance as to any issues that may be of concern to shareholders," it stated.

The resolution was proposed by Christian Brothers Investment Services, a group with nearly 1.2 million shares of Cisco.

"This majority vote by Cisco's shareholders sends a clear message. The onus is now on Cisco to take a leadership stance and enact Say on Pay before federal legislation mandates such policies for all public corporations," said Julie Tanner, assistant director of investing at CBIS.

Co-sponsors of the resolution include other religious investment orgs such as the Interfaith Center on Corporate Responsibility, Community Church of New York, Sisters of St. Francis of Philadelphia, and Sister of the Holy Names of Jesus and Mary US Ontario Province. Who knew networking supplies was so popular with Christian groups? ®

Build a business case: developing custom apps

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.