The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Amazon.com Inc shareholders delivered a rebuke to the company over the pay for Chief Executive Officer Andy Jassy and other top executives, with an unusually close vote in the
symbolic measure to ratify compensation packages for the company’s leaders.
Vote totals disclosed in a filing show 56% of shareholders supported the company’s executive pay for 2021, which
included $350 million in compensation to three top executives, the vast majority of which comes in stock grants that vest over a period of years.
Such votes have passed with more than 80% approval for nearly 9 of 10 companies in the S&P 500, according to data for 2022 to date tallied by Farient Advisors.
Investor advisory firms had recommended shareholders vote against the pay package at Amazon’s annual meeting, saying the stock awards were excessive and not tied to company performance.
Amazon said its compensation practices are designed
to emphasize long-term value rather than short-term goals, and that pay for Jassy, Worldwide Consumer unit CEO Dave Clark, and Amazon Web Services CEO Adam Selipsky were comparable to compensation of leaders of other giant technology and retail firms.