Partner Shaun Bisman was quoted in an Ignites article discussing the ~10% decline in Say on Pay support at Raymond James (from 92% to 83%). In the article, Shaun discusses that the decline likely indicates that the special award, granted after the fiscal year, was not visible to investors during the 2023 voting cycle or was deferred to 2024, the say-on-pay year following the special award. He also discusses the typical response / approach from companies when Say on Pay support falls below 80% (e.g., extensive shareholder outreach program and consider making changes to their programs based on shareholder feedback).