USA: say on pay - a "cruel hoax" says Bob Monks

Bloomberg Businessweek reports that at 1,998 companies where shareholders have had the opportunity to exercise a 'say on pay' vote, at only 32 were a majority of votes cast against: see here. The article quotes Bob Monks' response: "Say-on-pay is at best a diversion and at worst a deception ... You only have the appearance of reform, and it's a cruel hoax".