Netflix Shareholders Decline To Back Executive Compensation Packages After WGA Urged Rejection Of “Inappropriate” Pay During Strike
deadline.comNetflix shareholders declined to support a proposal affirming the pay packages for top executives during a vote at the company’s annual shareholder meeting on Thursday.
The proposal, one of several put up for a vote during the 15-minute meeting whose audio was streamed online, pertained to six senior-level executives, including Co-CEOs Greg Peters and Ted Sarandos and co-founder and board chair Reed Hastings.
The exact tally of the vote will be released in a subsequent SEC filing, the company said at the end of the meeting. The “say-on-pay” vote is non-binding but it is a rare rebuke of the compensation of media executives at a time of great scrutiny.
In an SEC filing in April, Netflix said Sarandos and Hastings saw a jump in 2022 pay, to about $50 million each. The company’s executive leadership structure changed a few months ago, with longtime exec Peters getting elevated to Co-CEO alongside Sarandos, who holds the same title.
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