Say on pay narrowly fails at Merck

Merck & Co. shareholders narrowly defeated a say-on-pay proposal Tuesday by a vote of 50.8% to 49.2%, said Ronald Rogers, spokesman. The proposal asked the company to hold an annual shareholder advisory vote on executive pay. It is the highest level of support any say-on-pay proposal has achieved, according to a statement by Institutional Shareholders Services. “The board will consider the results of all proposals and determine the next steps to take at its next board meeting,” which is in May, Mr. Rogers said.