Therapy Areas: Vaccines
AstraZeneca investors protest against chief executive's remuneration package
12 May 2021 -

UK-based pharmaceutical company AstraZeneca has suffered a substantial shareholder backlash over proposals to grant its chief executive, Pascal Soriot, bigger bonus awards for the second consecutive year, The Guardian reported on Tuesday.

Nearly 40% of shareholders voted against Soriot's proposed pay and perks package of nearly GBP18m for 2021. Despite the rebellion, the company still managed to gain approval for its remuneration policy, which required support from shareholders holding more than 50% of the firm's stock, while investors owning 39.8% of the shares opposed it.

Soriot's share bonus is set to rise from 550% of his GBP1.3m base salary to 650% as part of the company's long-term plan, subject to performance targets being hit. The company also intends to raise its chief's maximum annual bonus to 250% of salary from 200%.

Soriot took over at AstraZeneca in 2012, in which time the company's share price has tripled, with its valuation now estimated at GBP100bn. It was also one of the first companies to gain approval for a COVID-19 vaccine.