At Zions Bancorp.'s annual meeting Tuesday, Harris Simmons, the $54.5 billion-asset Salt Lake City company's chief executive, outlined why the board was recommending that shareholders reject a "say on pay" proposal that would give them a nonbinding advisory vote permanently on executive compensation.According to Simmons, giving shareholders a strict up or down vote on executive pay would provide "little, if any, useful feedback" on the efficacy of Zions' policies.

He also said it was akin to when his wife asks him what he wants for dinner.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.