Advanced Micro Devices (AMD) is in a frustrating pickle. The US chipmaker wants to issue up to 16.5 million new shares so it can pay its executives in stock options and restricted shares. Shareholders have voted more than 85% in favor of the plan. And yet AMD can’t go ahead. Or rather, it can—with a hefty price tag.
We recently told you about four companies ignoring their shareholders’ votes. One was Hecla Mining, a silver producer that held the polls open longer than planned when it looked like shareholders were going to reject management’s pay package.
The vote is only advisory, but Hecla’s stalling worked: Instead of failing 49.6% to 46.7%, the company’s say-on-pay vote passed with 53.7% of the vote.
When Samuel J. Palmisano retires next month, he'll enjoy a generous goodbye present: The former International Business Machines Corp. chief will earn $20,000 for any day he spends four hours advising his longtime employer.