Executive compensation votes were comparatively calm in 2025. Among Silicon Valley's largest 150 companies (SV 150), average support for say‑on‑pay rose to 88.5% of votes cast (median 92.6%), up from 87.0% in 2024 and 84.8% in 2023, according to our analysis of 2025 proxy season results among the SV 150 and the S&P 100.
Only one SV 150 company failed its say‑on‑pay vote, down from six last year; in that instance, the company had received an against recommendation from ISS based on perceived misalignment, heavy time‑vesting in new‑hire awards, short annualized performance periods, and severance to recent Named Executive Officers.
Large‑cap peers were more mixed. The S&P 100’s average support edged down slightly to 87.5% (median 91.4%), with two failures this season. Notably, opposition of 15% or more occurred at 25.5% of SV 150 companies (versus 20.2% in the S&P 100), and 12 SV 150 companies faced 30%+ opposition, though that count fell from 13 in 2024.
Frequency votes continued to favor annual voting. In the SV 150, 12 companies held say‑on‑frequency votes; 11 recommended annual and one triennial, and stockholders approved the board’s preferred cadence in each case. The two S&P 100 companies that ran frequency votes followed a similar pattern.
Size mattered within the Valley. Median support was lower among the SV 150 top 50 (89.3%) than the middle (94.4%) and bottom 50 (94.2%), reflecting heightened scrutiny of the largest issuers. Even so, overall passage rates and support levels suggest most Silicon Valley compensation programs navigated the season successfully.
Check out the full 2025 Proxy Season Results for more details and insights.
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