Salesforce Shareholders Reject CEO Pay Plan, Defying Board Recommendation

Benzinga

Salesforce shareholders voted against approving the company's executive compensation plan at the annual meeting on July 1st, defying the board's recommendation. Shareholder advisory firms Glass Lewis and ISS had recommended voting against the plan due to concerns about additional equity awards granted to CEO Marc Benioff in January 2024. Benioff received a total compensation of over $39 million for fiscal year 2024, up from more than $29 million the prior year, partly due to security fees. The additional awards to Benioff were viewed as unwarranted given he already owned over 2% of Salesforce shares worth nearly $6 billion.

Transcript

00:00It's Benzinga, and here's what's on the block.

00:03Salesforce shareholders voted against approving the company's executive compensation plan

00:07at the annual meeting on July 1st to find the board's recommendation.

00:12Shareholder advisory firms Glass-Lewis and ISS had recommended voting against the plan

00:16due to concerns about additional equity awards granted to CEO Mark Benioff in January 2024.

00:22Benioff received a total compensation of over $39 million for fiscal year 2024, up from

00:27more than $29 million the previous year, with the increase partly due to security fees.

00:33The additional awards to Benioff were viewed as unwarranted given he already owned over

00:372% of Salesforce shares worth nearly $6 billion.

00:40For all things money, visit Benzinga.com.

Category

Transcript

Comments

Recommended