EA shareholders reject executive compensation in advisory vote
- Electronic Arts (NASDAQ:EA) reported results of its annual meeting, which included an uncommon outcome as shareholders overwhelmingly rejected the company's executive compensation plan.
- The advisory "say on pay" vote drew 170.89M votes against the company's plan vs. just 59.6M votes for, EA says in a filing.
- The vote is merely an advisory, but the overwhelming majority of such compensation votes pass. EA's plan has drawn flak (including from proxy advisers) for a new special round of stock awards, when special awards for previous years haven't yet vested.
- According to its proxy documents, CEO Andrew Wilson was to draw $21.37M in total compensation for fiscal 2020 (vs. $18.3M in 2019), including $4M in new non-equity incentive compensation.
- Chief Operating and Financial Officer Blake Jorgensen was set for $19.5M in 2020, vs. $9.41M in 2019; and Chief Studios Officer Laura Miele was set for $16.1M in 2020, vs. $6.95M in 2019.
- Shareholders also voted in favor of the measure "consider and vote upon a stockholder proposal on whether to allow stockholders to act by written consent," with 124.16M votes in favor and 110.27M against.
- The shareholders also elected the board candidates (despite a swell of 70.8M no-votes on Jay C. Hoag, against 163.7M for) and ratified the company's accountants.