AstraZeneca Secures Shareholder Approval for Improved CEO Pay Package, But Nearly 40% of Investors Vote Against Proposed Remuneration
02:45 PM EDT, 05/11/2021 (MT Newswires) -- AstraZeneca (AZN) said in a regulatory filing that 60.19% of its shareholders approved a proposal to increase the pay packages of Chief Executive Officer Pascal Soriot and Chief Financial Officer Marc Dunoyer.
The new pay policy increases the CEO's maximum annual bonus to 250% of base pay for 2021 from 200% in 2020 and a long-term performance share award to 650% from 550%, according to the 2020 annual report. The CFO's maximum annual bonus goes to 200% of base salary from 180% and a long-term share award to 450% from 400%.
There was no change to the base pay policy for both executives.
The pharmaceutical and biotechnology company said it recognizes "that a meaningful proportion of shareholders" did not support the new policy. It added that it would "engage and listen to ensure investors' concerns regarding the approach to executive remuneration are understood."
AstraZeneca was down 1.2% in afternoon trading Tuesday.
Price: 53.98, Change: -0.40, Percent Change: -0.73