GE shareholders reject CEO Culp s $230 million pay in rare rebuke reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
GE shareholders reject CEO Culp s $230 million pay in rare rebuke
By Jessica DiNapoli and Rajesh Kumar Singh
Reuters
NEW YORK/CHICAGO (Reuters) -General Electric Co shareholders rejected top executives compensation packages, including a payout of as much as $230 million to CEO Larry Culp, at the industrial conglomerate s annual shareholder meeting on Tuesday.
While the shareholder vote was non-binding, the move was a rare rebuke of a major corporation s handling of its executive pay.
It comes after GE laid off 20,000 workers last year. It is set to embolden corporate governance reform advocates who have criticized the shielding of CEOs from the financial fallout of the COVID-19 pandemic and the cost cuts companies often choose to implement.
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FinanceWells Fargo scores the latest narrow win for CEO pay
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A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith
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Wells Fargo & Co s (WFC.N) executive pay plan for 2020 received backing from only about 57% of investor votes on Tuesday, a narrow win for the company and the latest evidence of tougher scrutiny shareholders have put on CEO compensation this year.
CEO and President Charles Scharf was paid $20.4 million in 2020, down from $34.3 million in 2019, when he was first named to lead the bank, according to its proxy statement filed in March. On an annualized basis his total direct compensation in 2020 fell about 12% from $23 million the prior year, according to a January filing.
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(Reuters) - Wells Fargo & Co s executive pay plan for 2020 received backing from only about 57% of investor votes on Tuesday, a narrow win for the company and the latest evidence of tougher scrutiny shareholders have put on CEO compensation this year.
CEO and President Charles Scharf was paid $20.4 million in 2020, down from $34.3 million in 2019, when he was first named to lead the bank, according to its proxy statement filed in March. On an annualized basis his total direct compensation in 2020 fell about 12% from $23 million the prior year, according to a January filing.
The board cited the drop in Wells Fargo s financial results for 2020, which were hit by the COVID-19 pandemic, as one of the reasons for the lower compensation.