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As annual meeting season begins, shareholders will experience something new: a choice. The vote on the frequency of future say-on-pay reviews, which Dodd-Frank mandates every public company include on its agenda this year, will give shareholders four options: voting on say on pay every three years, every two years, every year or “no opinion.” “This is the first time in history that investors have had a multiple-choice vote,” says Tim Smith, senior vice president at Walden Asset Management.

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