The busy 2010 proxy season is almost over. And it has proven that times are changing. When we started Moxy Vote last November we wanted to give shareholders a platform to vote and be heard. We believe we were right on time.
As an example of this, we were interested to see that shareholders at KeyCorp, Motorola and Occidental Petroleum voted down resolutions put forth by their respective companies on executive compensation earlier this month. Last year, despite complaints about CEO pay, no U.S. company lost votes regarding executive compensation.
Larry Eiben from TFS Capital was quoted on the topic in the Chicago Tribune when he said:
“There’s a renaissance taking place, People have just hit the wall. The negative press that has come out of the latest market downturn and just the general excesses you’ve see in corporate America … the shareholders understand the need now to get more involved.”
Moxy Vote’s goal is to encourage shareholder involvement through easy online voting and lots of advocate opinions. We just want investors to get involved no matter their opinion.
This year investors made their voices heard on “say on pay” but who knows what the future of proxy voting can bring. We can’t wait to find out!
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