AstraZeneca chief executive Pascal Soriot has suffered a shareholder rebellion on pay after the pharmaceutical company significantly increased his potential bonus for the second year in a row. About 40 per cent of votes that were cast at the company’s annual general meeting went against the pay rise, with 60 per cent supporting the company’s pay policy. The vote was the latest in a series of bruising rebellions at UK companies as investors take a stand over pay. The remuneration committee acknowledged it was “unusual” to seek approval for a revised pay policy at two consecutive agms and “that remuneration is a sensitive matter during this pandemic period”. Increased scaleThe committee said the previous pay policy did not reflect AstraZeneca’s position in the European pharma market, or the increased “scale and scope” of what the chief executive and chief financial officer were being asked to deliver.

Source: The Irish Times May 11, 2021 16:07 UTC