Shareholder Support Declines in the Wake of COVID-19 Compensation Modifications
The 2021 proxy season was challenging from a Say-on-Pay perspective for the REIT industry. While results across the broader public market remained relatively stable from the prior year, the REIT industry experienced their worst results at self-managed REITs in 2013*. The impact of the COVID-19 pandemic on the operational and ﬁnancial performance within certain REIT sectors and the corresponding adjustments to executive compensation programs was undoubtedly the catalyst that triggered notably low Say-on-Pay results in the REIT industry. These results are despite the fact that ISS actually issued signiﬁcantly less ‘Against’ voting recommendations indicating shareholders’ discontent with certain compensation actions in 2020.
To continue reading, download a PDF of the full 2021 REIT Say-on-Pay Recap.
For additional information, please contact Katie Gaynor.