About 77 percent of shareholders who voted gave a thumbs down to how Chipotle Mexican Grill compensates its top executives.
Most "say on pay" votes go in a company's favor by 95 percent or larger majorities.
The results of the proxy vote, to the board of directors Thursday during the company's annual meeting in Denver, was a strong rebuke of the pay package for Chipotle's co-CEOs, Steve Ells and Montgomery Moran, who last year received $25.1 million and $24.4 million, respectively. Since 2011, the pair have received close to $250 million in stock awards, large blocks of which they have sold off.
Say on pay votes are non-binding, but shareholders, by a 57 percent majority, also took the unusual move of rejecting a request by the company to add 2.6 million shares to its existing stock-incentive plan.Read the Full Article