ICCR Adds Say-on-Pay to CAS Scorecards Platform
ICCR Adds Say-on-Pay to CAS Scorecards Platform
— The Interfaith Center on Corporate Responsibility’s (ICCR) Say-on-Pay scorecard is now live on the Center for Active Stewardship’s (CAS) Scorecards platform. It shows how institutional investors voted on the 27 say-on-pay proposals that failed in the 2026 proxy season, where a majority of votes cast opposed the CEO’s pay package.
Findings
Several European asset managers and U.S. public pension funds voted against every failed pay package they voted on. The largest U.S. asset managers mostly voted in favor.
| Institution | Voted against | Alignment |
|---|---|---|
| European asset managers | ||
| Legal & General | 22 of 22 | 100% |
| UBS | 21 of 21 | 100% |
| Amundi | 16 of 16 | 100% |
| BNP Paribas | 15 of 15 | 100% |
| HSBC | 13 of 13 | 100% |
| U.S. public pension funds | ||
| State Board of Administration of Florida | 19 of 19 | 100% |
| Teacher Retirement System of Texas | 16 of 16 | 100% |
| State of Wisconsin Investment Board | 16 of 16 | 100% |
| Maryland State Retirement & Pension System | 15 of 15 | 100% |
| New York State Teachers’ Retirement System | 12 of 12 | 100% |
| Large U.S. asset managers | ||
| BlackRock | 16 of 23 | 70% |
| State Street | 12 of 24 | 50% |
| Vanguard | 8 of 25 | 32% |
| Goldman Sachs | 5 of 24 | 21% |
| Citadel | 0 of 22 | 0% |
About the Scorecard
The scorecard covers every say-on-pay proposal that received less than 50% support between July 1, 2025 and June 30, 2026, at 27 companies ranging from Luminar Technologies (6.4% support) to Skyworks Solutions (49.8%). Each institution and fund is scored on the share of these proposals it voted against. Abstentions are excluded.
Since 2024, SEC rules have required every institutional manager that files Form 13F to disclose its say-on-pay votes. As a result, the scorecard covers banks, hedge funds, insurers, and pension funds alongside U.S. mutual funds and ETFs.
About ICCR
The Interfaith Center on Corporate Responsibility is a coalition of more than 300 faith-based and values-driven institutional investors. Since 1971, its members have engaged companies on human rights, climate, and economic inequality, including executive pay, through dialogue, shareholder proposals, and proxy voting.
About the Center for Active Stewardship (CAS)
CAS maintains the only free database of proxy votes cast by U.S. ETFs, mutual funds, and closed-end funds. The Scorecards platform is part of CAS’s ongoing effort to democratize proxy voting data and empower asset owners to demand the best stewardship from their asset managers.
View ICCR’s Say-on-Pay scorecard at scorecards.proxydata.org.
1 Excludes proposals where the institution filed no voting record or its vote is unknown. An institution counts as voting against a proposal if it voted more shares against than for.
Media contact: info@activestewardship.org