Sen. Mike Rounds (R-SD) introduced legislation (S. 1722) to repeal the pay ratio provision altogether, identical to House legislation (H.R. 414) introduced by Rep. Bill Huizenga (R-MI).
The Center On Executive Compensation filed comprehensive comments with the SEC on its prescriptive rule on pay for performance, noting that "it fails to provide a clear picture of the pay for performance link," likely creating "confusion and misunderstanding among shareholders" and urging a principles-based approach instead.
As of April 1, 2015, the 2015 Proxy Season is seeing measurably lower say on pay trends with companies averaging only 91.85% shareholder support, down from 95.13% at this point in 2014.
The 2014 proxy season featured a 15% drop in say on pay volatility - the number of companies which experienced a year-over-year change in say on pay support exceeding 20 percentage points.