{"id":186084,"date":"2014-05-16T19:17:00","date_gmt":"2014-05-17T00:17:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2014\/05\/16\/but-remember-by-law-this-vote-is-non-binding\/"},"modified":"2014-05-16T19:17:00","modified_gmt":"2014-05-17T00:17:00","slug":"but-remember-by-law-this-vote-is-non-binding","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2014\/05\/16\/but-remember-by-law-this-vote-is-non-binding\/","title":{"rendered":"But Remember, By Law this Vote is Non-Binding"},"content":{"rendered":"<p>Following an abysmal performance, <a href=\"http:\/\/dealbook.nytimes.com\/2014\/05\/15\/chipotle-investors-vote-against-executive-pay\/\">Chipotle shareholders voted against pay raises for senior executives<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">Investors in Chipotle Mexican Grill voted overwhelmingly on Thursday against the company\u2019s executive compensation plans, sending a strong rebuke to a company that had awarded more than $300 million to its co-chief executives in recent years.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">More than 75 percent of investors voted against Chipotle\u2019s say-on-pay measure, which asked investors to ratify a compensation plan that would continue such payments to Steve Ells, Chipotle\u2019s founder, and his co-chief, Montgomery F. Moran, over the next few years. That was the highest vote against any say-on-pay measure among the country\u2019s largest 3,000 companies this year.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">Though the vote is nonbinding, Chipotle said it was taking investor sentiment into consideration.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">\u201cWe take this very seriously,\u201d a Chipotle spokesman, Chris Arnold, said in a statement. \u201cIt has always been, and continues to be, a top priority that our compensation programs are driving the creation of shareholder value. We thank our investors for the feedback we have received on this issue and will continue to engage with our investors as we review our compensation programs that build value for all of our investors.\u201d<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">Shareholder discomfort with Chipotle\u2019s multimillion-dollar executive compensation plans has grown. At last year\u2019s meeting, 27 percent of shareholders voted against the say-on-pay measure. But in recent months, smaller investors, including the CtW Investment Group, have lobbied big institutional investors to join them in trying to rein in Chipotle\u2019s executive pay.<\/span><\/p><\/blockquote>\n<p>Note however, this is a <b>non-binding<\/b> vote.<\/p>\n<p>Binding shareholder votes on executive pay are forbidden by US law.<\/p>\n<p>H\/t <a href=\"http:\/\/crooksandliars.com\/2014\/05\/overstuffed-exec-pay-rejected-chipotle\">Crooks and Liars<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following an abysmal performance, Chipotle shareholders voted against pay raises for senior executives: Investors in Chipotle Mexican Grill voted overwhelmingly on Thursday against the company\u2019s executive compensation plans, sending a strong rebuke to a company that had awarded more than $300 million to its co-chief executives in recent years.More than 75 percent of investors voted &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1005,970,975,1004,1012],"tags":[],"class_list":["post-186084","post","type-post","status-publish","format-standard","hentry","category-business","category-corruption","category-employment","category-finance","category-food"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186084"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=186084"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/186084\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=186084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=186084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=186084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}