13 May 2010 18:09 [Source: ICIS news]
TORONTO (ICIS news)--Dow Chemical shareholders rejected a so-called “say-on-pay” proposal under which shareholders would vote each year on executives’ pay, the US company said on Thursday.
Dow media officials had no immediate comment, but said the company would issue a press release on the annual meeting.
The Dow board of directors had opposed the plan, claiming it could limit Dow's ability to attract and retain top executives.
Last year, Dow shareholders narrowly approved a similar proposal that gave them a non-binding say on executive compensation.
Shareholders of a number of other large US firms had in recent years approved “say-on-pay” proposals.
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