Arkansas Business

The vote for the advisory approval to its executive compensation plan was too close to call Saturday. Dillard's spokeswoman Julie Bull said after the meeting that the results would likely be announced Monday.

Like other publicly traded companies affected by the Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010, Dillard's asked its shareholders to vote on executive compensation every third year.  

The Dodd-Frank Act requires shareholder guidance on executive compensation either every year, every other year or every third year.

Dillard's "executive compensation practices are well-established, having been in place for several years," Dillard's said in its proxy statement. "Focusing on executive compensation over an annual or biennial period would focus on short-term results rather than long-term value recreation, which is inconsistent the Company's compensation philosophy and would be detrimental to the Company, its employees and its financial results."