Companies that provide their CEOs with high pay opportunities are typically receive lower levels of shareholder support for their say-on-pay votes than those with smaller pay opportunities, according to a new study by Towers Watson.

Additionally, the study reveals the chances of receiving lower levels of shareholder support triples for companies with poor performance as opposed to those that are top performers.

In fact, 32 percent of respondents with high CEO pay opportunities report low say-on-pay shareholder support at less than 70 percent in last year's proxy season in comparison to only 19 percent of respondents with CEO pay opportunity around the median. Among the respondents that performed poorly, they were more than three times as likely to receive less than 70 percent of shareholder support for say-on-pay than those with top levels, despite their pay levels.

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