Published: Sunday, 5/25/2014 - Updated: 1 day ago

BY TYREL LINKHORN BLADE BUSINESS WRITER

Health Care REIT revamped several parts of its executive compensation program last year after shareholders just barely approved the companys say-on-pay proposal at the 2013 annual meeting.

A provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, say-on-pay was meant to give shareholders a chance to voice their opinions on compensation packages for a companys top executives, which some saw as rising too quickly and often without merit.

The provision went into effect in 2011.

Though it has made big news when shareholders vote down proposals Chipotle shareholders made waves earlier this month when they overwhelmingly rejected the restaurant chains compensation package generally the proposals have passed by wide margins.

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According to Semler Brossy Consulting Group, just 2.5 percent of companies say-on-pay proposals failed in 2013, while 91 percent of companies passed with more than 70 percent approval.

Thats led some to say the votes, already nonbinding advisory actions, are nearly useless.

Not so, argues Todd Sirras, the managing director at Semler Brossy.

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Shareholders get say on pay