On Ferro's Unflattering Pay-For-Performance Record Glass Lewis gave Ferro a C grade under its proprietary pay-for-performance model. The Glass Lewis report also included Ferro's historical compensation grades: FY 2011: F grade FY 2010: C grade FY 2009: C grade On Ferro's History of Significant Withhold Votes and Poor Governance "From a governance perspective, we recognize that current board members have failed shareholders, some more than others." "Looking at prior annual meetings, shareholders have voiced their displeasure with the performance of the board by withholding votes from specific directors in large percentages." "We believe the high withhold votes stem, in part, from ongoing shareholder concerns relating to the board's failure to implement a shareholder proposal that was approved by a majority of votes at the 2010 annual meeting, and its failure to remove directors that received majority withhold votes in 2011.