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?Say on Pay? Wins Majority Support at SupervaluSubmitted by: Ted Allen, Publications

A shareholder proposal seeking an annual advisory vote on executive compensation won more than 50 percent support at Supervalu, a Minnesota-based grocery chain, according to news reports.

The vote at the company?s June 25 annual meeting is the 19th majority result for a ?say on pay? proposal at a U.S. company this year, according to RiskMetrics Group data. Pay vote resolutions have averaged 46.7 percent support so far this season, up from 42 percent in 2008.

The proposal was filed by Denver-based shareholder activist Gerald Armstrong. Supervalu did not release detailed preliminary vote results, according to news reports.

Pay vote proponents say they hope that the greater support received by advisory vote resolutions this year will spur Congress to mandate pay votes at all U.S. companies.

Full post as published by Institutional Shareholder Services -- Corporate Governance Blog on June 26, 2009 (boomark / email).