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Investors Urge 17 Financial Firms to Hold Pay Votes This YearSubmitted by Ted Allen, Publications

Thirty activist investors have sent letters to 17 financial institutions urging them to conduct an annual advisory vote on executive pay during the 2010 proxy season.

The letter campaign was coordinated by the Walden Asset Management, the office of Connecticut?s state treasurer, and the American Federation of State, County, and Municipal Employees. Among the signatories are CalSTRS, CalPERS, TIAA-CREF, the United Methodist Church General Board of Pension & Health Benefits, the Council of Institutional Investors, and a coalition of religious investors, trade unions, and firms that engage in socially responsible investing.

JPMorgan Chase, Morgan Stanley, Citigroup, Wells Fargo, Bank of America, and American Express are among the firms that received the letters. Many of the companies have received ?say on pay? proposals from shareholders. A few financial firms, such as Goldman Sachs and State Street, previously agreed to conduct advisory votes.

?Adopting Say on Pay is not only an idea whose time has come, it is a reasonable and modest step,? the letter states, according to a Jan. 28 press release.

Full post as published by Institutional Shareholder Services -- Corporate Governance Blog on January 28, 2010 (boomark / email).