Institutional Shareholder Services is recommending shareholdersvote against the approval of the company's executive compensation for 2015.
The vote on the say-on-pay proposal is not binding.
Glass-Lewis, on the other hand, has recommended voting in favorof the compensation. CYS Investments' board noted that the previous year's proposalwas substantially similar to the current year's; ISS recommended that proposal atthe time and has not explained why its position has changed.
In response to queries made by the company, ISS said there isno reason to discuss its recommendation. CYS Investments disagrees with ISS' position.
The company noted that its executive compensation is tied directlyto operating results, and because stockholder return was below target in 2015, thecompensation of Chairman, President, CEO and Chief Investment Officer Kevin Grantwas cut by 39% compared with the prior year.