Netflix shareholders withhold support for executive pay package

<html xmlns=""><head><title>UPDATE 1-Netflix shareholders withhold support for executive pay package</title></head><body>

Adds detail in the sixth paragraph that the company did not disclose the vote tally

By Dawn Chmielewski

June 1 (Reuters) -Netflix Inc NFLX.O shareholders on Thursday withheld their support for the company's executive pay package, in a non-binding vote that followed a call by striking Hollywood writers to reject the proposed 2023 compensation.

The Writers Guild of America West had urged investors to vote against the compensation offered to Netflix's top executives, arguing such a vote would be "inappropriate" during the strike, which has entered its fifth week.

"While investors have long taken issue with Netflix's executive pay, the compensation structure is more egregious against the backdrop of the strike," wrote Writers Guild West President Meredith Stiehm.

The union sent a similar letter to NBCUniversal parent Comcast Corp CMCSA.O, which holds its annual shareholder meeting on June 7.

Stiehm wrote that if Netflix had the resources to spend more than $166 million on executive compensation last year for its top executives, it can afford to pay $68 million a year to writers seeking in better compensation.

Netflix shareholders withheld support for the executive compensation structure for 2023, in a non-binding "say on pay" vote. The company said the vote tally would be reported in a regulatory filing. Last year, the company's executive pay package won support from just 27% of the shareholder votes cast.

After last year's vote, Netflix said it made changes including instituting a salary cap for its co-chief executives and a performance-based bonus plan.

This year, Executive Chairman Reed Hastings is set to receive a $500,000 salary and $2.5 million in stock. Co-CEOs Ted Sarandos and Greg Peters will each collect an annual salary of $3 million. Sarandos stands to receive an additional $20 million in stock, and is eligible for a bonus of up to $17 million. Peters will collect $17.3 million in stock and a bonus of up to $14.3 million.

The union has made executive compensation for Hollywood executives an issue in negotiation. Endeavor CEO Ari Emanuel and Warner Bros Discovery CEO David Zaslav ranked in the top 10 of Equilar's 2022 study of the largest pay packages awarded to chief executives of publicly traded companies.

The union has been applying pressure on media companies to coax them back to the bargaining table. Contract talks ended on May 1, after they reached an impasse over improved pay and residuals and changes in working conditions. The use of artificial intelligence is another stumbling block.

The Alliance of Motion Picture and Television Producers, which is representing streamers like Netflix and the studios in negotiations, is currently in talks with the Directors Guild, whose current contract expires on June 30. Talks begin on June 7 with SAG-AFTRA, which represents actors.

Reporting by Dawn Chmielewski in Los Angeles; Editing by David Gregorio and Christopher Cushing


免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。