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Has anyone read the proxy proposal 5? I am not sure what it means. It has to do with say-on-pay voting by shareholders. I copied it here:

NON-BINDING ADVISORY VOTE ON THE FREQUENCY OF A NON-BINDING ADVISORY VOTE
ON EXECUTIVE COMPENSATION
While the Bank is not subject to the Dodd-Frank Act rules governing say-on-frequency, the
Bank provides shareholders with the opportunity to cast a non-binding advisory say-on-pay vote
every one, two or three years, as determined by a separate advisory stockholder vote held at least
once every six years. As approved at the 2011 Annual Meeting of Shareholders, the Bank currently
conducts say-on-pay votes once every year. Accordingly, the Bank is providing shareholders with
this non-binding advisory vote on the frequency of a non-binding advisory vote on executive
compensation.
The Board believes that an advisory vote on executive compensation that occurs every year is
an appropriate frequency for conducting and responding to a say-on-pay vote.
Although the Board recommends a say-on-pay vote every year, shareholders will have the
opportunity to choose among four options (holding the vote every one, two or three years, or
abstaining) and, therefore, shareholders will not be voting to approve or disapprove the Board’s
recommendation.
Although this advisory vote on the frequency of the say-on-pay vote is non-binding, the Board
and the Nomination and Compensation Committee will take into account the outcome of the vote
when considering the frequency of future advisory votes on executive compensation.


Can anyone clarify what this means?

Thanks
Mark
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