May 5, 2021

Reuters – GE shareholders reject CEO Culp’s $230 million pay in rare rebuke

General Electric Co shareholders rejected top executives’ compensation packages, including a payout of as much as $230 million to CEO Larry Culp, at the industrial conglomerate’s annual shareholder meeting on Tuesday.

At least four other S&P 500 companies who have disclosed shareholder vote tallies with regulators have been defeated over executive pay so far this year through the end of April; International Business Machines Corp, Starbucks Corp, Walgreens Boots Alliance Inc and TransDigm Group Inc, according to compensation consultant Farient Advisors LLC, which looked at companies that have reported this year and last. Only one company, Qualcomm Inc, had its executive pay rejected by shareholders at this point in 2020, according to Farient.

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