I also vote against exective pay. I also voted against all the board members to make a point. It's too bad the larger shareholders don't routinely do that. I'm not certain, but I think that has to do sometimes with conflicts of interest, as in Vanguard has to be careful about being negative to a company lest it doesn't receive 401k business. I think votes are private, but I would assume the big institutions simply vote with the companies anyway.