The majority of Zions Bancorp. shareholders rejected a "say on pay" proposal that would have given them a nonbinding advisory vote on executive compensation.

Only 42.6% of the shareholders voted in favor of the proposal, introduced by Gerald Armstrong, at the $54.5 billion-asset Salt Lake City company's annual meeting last week. The company released the results Monday.

However, 82.4% of shareholders approved Zions' 2008 compensation policies for certain senior executives.

All recipients of capital under the Troubled Asset Relief Program are required to hold such nonbinding votes on compensation policies.

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