EA shareholders say no to large proposed raises for executives

Some of the executives in this building may be getting less money than they expected this year, thanks to a shareholder vote.

Enlarge / A number of the executives on this constructing could also be getting much less cash than they anticipated this yr, because of a shareholder vote. (credit score: Eliot Lash)

A major majority of Digital Arts shareholders voted in opposition to the corporate’s government compensation plans late final week. The vote follows a strain marketing campaign from activist investor teams in opposition to what they see as extreme bonuses for executives on the firm.

So-called “say-on-pay” votes not often fail when put earlier than shareholders of main publicly held firms; a latest Harvard Enterprise College research confirmed effectively under three p.c of such votes failing within the final decade or so. And whereas the outcomes of the vote aren’t binding on the corporate’s board of administrators, they must overrule a full 68 p.c of the corporate’s voting shares that rejected the pay plan.

The rejected fee plan included a proposed $21.37 million in complete compensation for CEO Andrew Wilson within the 2020 fiscal yr, up from $18.three million in 2019. Different executives had been set to see a lot bigger bumps, together with CFO Blake Jorgensen ($9.41 million in 2019 to $19.5 million in 2020) and Chief Studios Officer Laura Miele ($6.95 million to $16.1 million), and CTO Kenneth Moss ($6.95 million to $14.2 million).

Learn 5 remaining paragraphs | Feedback

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *