During the run-up to the proxy voting season in the US, everybody emerges from the winter hibernation will tales of dangers ahead. The National Association of Corporate Directors is one such organisation, and it sees what it calls a "dirty dozen" of questions that directors need to confront before they confront shareholders at the annual meeting. We won't spoil your reading by spilling the beans, but the first one on the list is this: Are your owners optimistic or pessimistic heading into the season? Before you all shout for the latter, the NACD notes: "In fact, the key survey data show a sharp divergence in attitudes between institutional owners, who appear to be optimistic, and individual investors, who are nearly as downbeat as they were at the depths of 2009's market meltdown." But don't take too much heart from that. The question about executive pay is not very far down the list.
Source document: The NACD briefing is a 10-page pdf file.
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