Netflix shareholders withheld their support for the company's executive pay package, in a non-binding vote that followed a call by striking Hollywood writers to reject the proposed 2023 compensation
Smartphone with Netflix logo is placed on a keyboard in this illustration taken April 19, 2022. REUTERS/Dado Ruvicshareholders on Thursday withheld their support for the company's executive pay package, in a non-binding vote that followed a call by striking Hollywood writers to reject the proposed 2023 compensation.
"While investors have long taken issue with Netflix's executive pay, the compensation structure is more egregious against the backdrop of the strike," wrote Writers Guild West President Meredith Stiehm., which holds its annual shareholder meeting on June 7. Netflix shareholders withheld support for the executive compensation structure for 2023, in a non-binding "say on pay" vote. The company said the vote tally would be reported in a regulatory filing. Last year, the company's executive pay package won support from just 27% of the shareholder votes cast.
This year, Executive Chairman Reed Hastings is set to receive a $500,000 salary and $2.5 million in stock. Co-CEOs Ted Sarandos and Greg Peters will each collect an annual salary of $3 million. Sarandos stands to receive an additional $20 million in stock, and is eligible for a bonus of up to $17 million. Peters will collect $17.3 million in stock and a bonus of up to $14.3 million.
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