General Electric Co., Citigroup Inc., Exxon Mobil Corp. and 41 other companies face a proxy proposal calling for a "say on pay," or an advisory vote allowing shareholders a non-binding ratification of top executives' compensation, according to a statement released jointly today by the institutional investors filing the resolution.
The proposal was filed by the $38 billion New York City Employees' Retirement System; the $23.5 billion Connecticut Retirement Plans and Trust Funds, Hartford; and the $850 million American Federation of State, County and Municipal Employees staff pension plan, Washington; along with 38 other pension funds, foundations, religious institutions and money managers. Hermes Investment Management, Calvert Group and Walden Asset Management are among the five money managers joining in the filings.
The investor group submitted the proposal at companies "where pay has been excessive or where there has been a misalignment between pay and performance over the past three to five years," according to the statement.
At Exxon Mobil, Gantt Walton, spokesman, said, "The proposal, like any shareholder proposal, is under careful consideration and evaluation."
Representatives from GE, Citigroup, Apple, Coca-Cola, JPMorgan Chase and Wal-Mart Stores didn't respond to a request for comment.