Five more U.S. companies have reported that they failed to receive majority support during their advisory votes on executive compensation. The firms include Cincinnati Bell, Hercules Offshore, Curtiss-Wright, Intersil, and Helix Energy Solutions. 

At all five issuers, the shareholder opposition appeared to stem from a perceived disconnect between the CEO's total pay and the company’s stock performance. 

In a notable response to the vote, Helix Energy's compensation committee outlined several specific actions it would take: “(i) implement defined performance metrics for the 2011 Cash Bonus Program for executive officers with the Committee, however, retaining overall discretion with respect to the grant of individual awards made under the program; and (ii) modify the long-term incentive compensation awarded to executive officers to include additional pay for performance elements in future grants.”

Cincinnati Bell received just 29.8 percent support for its pay practices, the lowest vote seen so far this season, according to ISS data. (This percentage is based on votes present, which included an 11.7 percent abstention vote.) 

Overall, 20 Russell 3000 companies have reported that they failed to earn majority approval for their pay practices this year.  At the same time, most firms are receiving broad support from their investors on executive pay this year. As of May 16, companies were averaging 89.3 percent support for their pay practices, with 8.9 percent opposition and 1.7 percent abstentions, according to ISS data. This average is based on vote results from 794 Russell 3000 companies.