AstraZeneca runs into meaningful investor revolt over pay
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Last Updated: May 11, 2021, 10:20 PM IST
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Synopsis
At an annual meeting of shareholders, 60.19% of votes were cast by shareholders in favour of approving Soriot s pay proposal, which takes his maximum annual bonus for 2021 to 2.5 times his base salary, up from twice his salary, and makes him eligible for long-term share awards worth as much as 6.5 times his salary, up from 5.5 times.
Reuters
The company said it recognised that a meaningful proportion of shareholders were against the change to directors pay and would continue to engage with them.
AstraZeneca said a meaningful proportion of its shareholders voted against CEO Pascal Soriot s improved pay package on Tuesday, exposing a rift as the drugmaker deals with problems surrounding its COVID-19 vaccine.
By Syndicated Content
May 11, 2021 | 8:11 AM
(Reuters) -AstraZeneca investors on Tuesday approved Chief Executive Pascal Soriotâs pay package proposal by a narrow margin after advisory groups said the rewards were excessive.
At an annual meeting of shareholders, 60.19% of votes were cast by shareholders in favour of approving Soriotâs pay proposal, which takes his maximum annual bonus for 2021 to 2.5 times his base salary, up from twice his salary, and makes him eligible for long-term share awards worth as much as 6.5 times his salary, up from 5.5 times.
The development comes as the London-listed company faces a second legal action from the European Union over delayed deliveries of its COVID-19 vaccine and concerns over the risk of rare blood clots possibly linked to the jab.
Astra Zenecas vd Pascal Soriot får kritik för sin lön ttela.se - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ttela.se Daily Mail and Mail on Sunday newspapers.
May 10, 20217:47 PM UTC
Sustainable BusinessAstraZeneca plan to beef up CEO Soriotâs pay packet faces scrutiny at AGM
Reuters
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Pascal Soriot, chief executive officer of pharmaceutical company AstraZeneca, attends an interview with Reuters in Shanghai, China November 4, 2019. Picture taken November 4, 2019. REUTERS/Brenda Goh/File Photo
A number of investor advisory groups have called on AstraZeneca (AZN.L) shareholders to oppose plans to increase Chief Executive Pascal Soriotâs pay package when the COVID-19 vaccine maker holds its annual meeting on Tuesday.
AstraZeneca developed one of the first vaccines to tackle the novel coronavirus but the Anglo-Swedish company has suffered a series of setbacks, with disputes over supplies to the European Union and concerns over the risk of rare blood clots.
Astra Zenecas vd Pascal Soriot får kritik för sin lön gp.se - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gp.se Daily Mail and Mail on Sunday newspapers.