AstraZeneca’s vaccine effort is remarkable, but investors should not have let it divert them from the job of moderating bonuses
Investors failed another test of backbone last week, as a number of eye-popping pay packages overcame the threat of voter rebellions at annual general meetings. The board of AstraZeneca asked shareholders to support their decision to award the chief executive, Pascal Soriot, £18m in annual pay and perks.
Despite strong shows of dissent, from shareholder advisory groups and investment powerhouses such as Aviva Investors and Aberdeen Standard Life, the pay deal passed with 60% approval and nearly 40% voting against.
Last week the High Pay centre urged 60 big investors to vote against pay awards far in excess of average workers’ pay
