By  on May 1, 2012

J.C. Penney Co. Inc.’s lucrative send off to former chairman and chief executive officer Myron E. “Mike” Ullman 3rd has Institutional Shareholder Services advising that investors say no to the company’s pay practices.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act investors will get to weigh in on Penney’s executive compensation with a nonbinding vote at its May 18 annual meeting. The vote is commonly referred to as “say-on-pay.”

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