Waddell & Reed Takes Rare Step to Alter Result of Say-on-Pay Proposal; Move Highlights Need for Proxy Reform

BOSTON — At the annual stockholder meeting of Waddell & Reed Financial on April 8th, the proposal asking that shareowners be given a “say on pay” received over 50 percent support from investors. But in the company’s Form 10-Q filing submitted to the Securities & Exchange Commission yesterday, support among the company’s investors for say-on-pay is recorded as 48.5 percent. More than three months after the annual meeting, the company is proclaiming a majority of its shareowners do not favor a say on pay.


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