Both ISS and Glass Lewis are opposing AstraZeneca’s proposed pay package for its CEO Pascal Soriot, which, if approved, would see his potential pay soar to 900% of his reported £1.3m salary, depending on performance targets.
It is the second year in a row that the UK-based pharmaceutical firm has sought a significant increase in pay for its chief.
Earlier this week, Neville White, Head of Responsible Investment Policy and Research at UK investor EdenTree Investment Management, which holds AstraZeneca shares, described the planned bonus increase as “wrong and ill-judged” in the Guardian.
CalPERS and the Office of New York City Comptroller have also disclosed that they will vote against the pay policy, but Norges Bank Investment Management will support it, according to its voting platform. AstraZeneca’s annual meeting takes place on 11 May.
And today saw another revolt over pay, this time at Rio Tinto. More than 25% of votes were cast again…