Todd Spangler NY Digital Editor In a symbolic rebuke of Netflix’s top executives, company shareholders voted against approving the compensation packages of leaders including co-CEOs Ted Sarandos and Greg Peters.
At the streamer’s June 1 annual shareholders meeting, investors failed to approve the proposed exec pay packages for 2023. But the vote was a non-binding “say on pay” measure, meaning Netflix’s board can disregard the result.
The vote came after the WGA had urged investors to vote against Netflix’s exec compensation measures in a letter Tuesday. “While investors have long taken issue with Netflix’s executive pay, the compensation structure is more egregious against the backdrop of the strike,” WGA West president Meredith Stiehm wrote in the letter to Netflix shareholders.
Stiehm continued, “Shareholders should send a message to Netflix that if the company could afford to spend $166 million on executive compensation last year, it can afford to pay the estimated $68 million per year that writers are asking for in contract improvements and put an end to the disruptive strike.” WGA sent a similar letter Comcast investors, whose 2023 shareholder meeting is slated for next Wednesday, June 7.
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