Proxy adviser Glass Lewis is coming out against the pay package at Liberty Global (LBTYA -0.5%), putting in some additional scrutiny on some eye-popping numbers pointed at its CEO.
That's an extreme figure that includes equity awards and (notably) unearned performance-related income rolled up from the coming five years - which the company has noted must be treated as "earned" in the year it was granted.
“The CEO’s compensation during the past fiscal year was more than four times the average compensation received by other named executive officers,” Glass Lewis says. “In Glass Lewis’ view, a high level of executive pay inequity, as in this case, may be an indicator of serious long-term problems with a company’s compensation practices and more broadly, its board-level management and oversight.” (h/t Bloomberg)
Glass Lewis wants to see the say-on-pay vote go annual in the future.
It's also recommending a vote against two directors: J.C. Sparkman (due to compensation policy concerns) and J. David Wargo (for being on too many audit committees).