Influential group of investors from the City of London Investment firm has spoken out against AstraZeneca’s proposed annual salary package
CEO Pascal Soriot, which could earn him about £ 18 billion ($ 25 million).
The UK Asset Managers’ Trade Organization movement is taking place on the eve of the Pharmaceuticals Group annual meeting on Tuesday, where investors must approve Sorioti’s hefty raise for this year’s bonus.
The investment firm issued an amber warning about the compensation scheme, which is its highest level of alert at the second level Repeat London.
Three other investor advisory groups had already recommended voting against a package that would increase the annual salary of a French-born CEO by 3% to £ 1.3 million and convert his share premium to a maximum of 650% of that amount, with his annual premium raised to a potential 250% of his salary.
According to AstraZeneca’s annual report, the value of the package would be £ 17.8 million if the company’s share price rises by 50% and £ 8.6 million if the share does not rise.