Briefly

Shareholders of brokerage Morgan Stanley and Bank of New York Co. on Tuesday rejected proposals that would give them an advisory vote on executive pay. At Morgan Stanley’s annual meeting, 37% of shares were voted in favor of “say on pay.” The proposal fared better at Bank of New York, where 47% supported the measure. The proposals were submitted by the pension fund of the American Federation of State, Country and Municipal Employees. Dozens of companies have been targeted with “say on pay” proposals this annual meeting season by critics of executive pay levels.