Battles over CEO pay across the globe
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May 31 (Reuters) -Tesla TSLA.O shareholders will vote on CEO Elon Musk's $56 billion pay package on June 13 that a Delaware judge voided in January, calling the sum "unfathomable" and because she found the billionaire improperly controlled the process.
Musk's proposed pay package, the largest in corporate America, has no salary or cash bonus and sets rewards based on Tesla's market value rising to as much as $650 billion over the next 10 years from 2018.
Here are other CEO pays that have faced a tough fight:
Year | Company | Description |
2024 | AstraZeneca AZN.L | Over a third of AstraZeneca's investors opposed its 2024 pay policy, which will boost CEO Pascal Soriot's remuneration to as much as 18.9 million pounds. It, however, won the backing of the required majority of votes. |
2024 | 3M MMM.N | In May, 3M shareholders voted down the annual compensation packages of certain executives, including that of former CEO Mike Roman. |
2024 | BlackRock BLK.N | BlackRock's executive pay, including that of CEO Larry Fink, won narrow support from shareholders, with about 42% of votes cast opposing it. |
2024 | Boohoo BOOH.L | UK-based Boohoo Group's bosses waived their annual bonuses in May and scrapped plans to raise executive awards after backlash from shareholders. |
2023 | BP BP.L | Former CEO Bernard Looney had more than $40 million cut in his compensation after the British oil giant concluded he misled the board over personal relationships with colleagues. |
2023 | Telecom Italia TLIT.MI | Shareholders rejected Telecom Italia's pay policy after top investor Vivendi criticized criteria to award bonus payments to CEO Pietro Labriola. |
2022 | Intel INTC.O | Intel shareholders rejected compensation packages for top executives, including a payout of as much as $178.6 million to CEO Pat Gelsinger. |
2021 | Rio Tinto RIO.L RIO.AX | Rio Tinto shareholders rejected the miner's executive pay packages, in a backlash over its destruction of ancient rock shelters in Western Australia the previous year. |
2021 | McDonald's MCD.N | Former CEO Steve Easterbrook agreed to return compensation worth $105 million in equity awards and cash to settle a lawsuit over alleged lies about affairs. |
2021 | GE GE.N | GE shareholders rejected executives' compensation packages, including a payout of as much as $230 million to CEO Larry Culp. |
2021 | Morrisons | Investors in the British supermarket group overwhelmingly rejected its pay report in 2021. |
2021 | Halliburton HAL.N | More than half of Halliburton's shareholders voted against its proposed executive compensation plan. |
2021 | UniCredit CRDI.MI | The Italian bank's boss Andrea Orcel narrowly avoided a shareholder revolt against his pay package, securing only 54% of votes at a general meeting after top investor BlackRock voted against it. |
2019 | CBS | CBS Corp fired Leslie Moonves for cause and denied a $120 million severance package after the former chief executive was accused of sexual harassment and assault that allegedly took place before and after he joined the company. |
2017 | Uber UBER.N | Travis Kalanick, Uber's co-founder and CEO, was forced to resign after a series of scandals plagued the company, including allegations of sexual harassment and a toxic workplace culture. Shareholders later sued the board, alleging it failed to properly oversee Kalanick and allowed the scandals to happen. |
2017 | Equifax EFX.N | After a massive data breach exposed millions of customers' personal information, Equifax's CEO received significant criticism for his handling of the crisis and a hefty bonus. Shareholders filed suit alleging the board failed to properly oversee the CEO. |
2017 | BP BP.L | BP cut CEO Bob Dudley's 2016 pay package by 40% after a wave of shareholder revolts. |
2016 | ViacomVIACOM.UL | A shareholder lawsuit claimed that Viacom and CBS Corp's Executive Chairman Sumner Redstone was improperly paid millions though "he was physically and mentally incapacitated". |
2011 | Occidental Petroleum OXY.N | CEO of Occidental Petroleum Ray Irani, was criticized for excessive pay after his compensation grew 40% in 2009 to $31.4 million. Shareholders pushed for board seats. |
2002 | Worldcom | After an accounting scandal that led to financial fraud, shareholders sued the company over excessive compensation awarded to executives, including the CEO. |
Reporting by Priyanka.G, Anchal Rana and Yadarisa Shabong in Bengaluru; Editing by Aditya Soni and Devika Syamnath
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