Feeds

Cisco shareholders win say-on-pay

Shake tiny fists at big wallets

Intelligent flash storage arrays

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? ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.