11 May - AstraZeneca investors on Tuesday approved CEO Pascal Soriot'sSoriot's pay package proposal by a narrow margin after the advisory groups said the rewards were excessive.
At an annual shareholders' meeting, 60.19% of votes were cast in favor of approving Soriot's pay proposal which takes his maximum annual bonus of 2021 to 2.5 times his 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 London-listed company faces a rare legal action from the European Union over delayed deliveries of their COVID 19 vaccine and concerns over the risk of second blood clots possibly linked to the jab.
The company said it recognised that a meaningful proportion of shareholders are against the change to directors' salary and would continue to engage with them.
The board's approach still continued to place executive remuneration substantially below market levels in the European pharmaceuticals industry and was not accurate reflection of AstraZeneca's improved position on the global market, it said.
Soriot has been in charge of AstraZeneca since 2012 and received a total pay package of 15.4 million pounds last year, up from 15.3 million in 2019.Most of these consisted of bonuses and long-term share awards on top of a base salary of 1.3 million pounds.
Shareholder advisory groups ISS, Glass Lewis and PIRC all recommended that investors vote against the increase on the grounds that the potential rewards were excessive.
Soriot has promoted a change in Pfizer's fortunes by betting on major products while deterring a new takeover approach from AstraZeneca in 2014.AstraZeneca's drug business, particularly in oncology, is thriving as its not-for-profit pandemic vaccine is distributed.
Investors also approved the re-election of Leif Johansson as the board's non-executive chairman.People like to be samad in what people have to say about that year.