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“Obscene” bonus hikes for AstraZeneca bosses arouse investor anger | AstraZeneca

 


AstraZeneca is increasingly facing opposition to plans to give CEO Pascal Soriot a significant increase in bonuses, and three investor advisory groups vote against this policy for shareholders. I am asking.

Pirc, Glass Lewis, and Institutional Shareholder Services (ISS) have all expressed concern about Soriot’s move to raise the maximum equity bonus it can receive in its long-term plan from 550% to 650% of its £ 1.3m base salary. AZ will also increase Soriot’s maximum annual bonus from 200% to 250% of salary, depending on the performance goals achieved.

Two advisory groups recommended that investors should vote against wage policy at the next Tuesday’s annual meeting.

Neville White, Head of Responsible Investment Policy and Research at AstraZeneca’s stake in Edentree Investment Management, said the proposed bonus increase was “obscene” and would vote against it. It was. “Pascal is now a hero and an anti-hero, so it’s obviously tricky,” he added.

Like AstraZeneca, voter voting takes place at a delicate time. Faced a barrage of criticism Beyond the post-supply coronavirus vaccine, it may rarely be associated with blood clots. However, during the pandemic, it promised to supply the vaccine on a non-profit basis. Made it and lost money In the first quarter of this year.

Soliot has received over £ 15m each in the last two years after overseeing the turnaround in rebuilding AstraZeneca’s pharmaceutical portfolio.The company turned face down Some shareholders pay rebellion Over the years.

AstraZeneca pointed out that under the new policy, Solio and other executives’ pension contributions will be reduced to the same level of the wider workforce, at 11% of the base salary.

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A spokeswoman said: Since his appointment, the Executive Directors of the Company have made a remarkable improvement in the company’s performance. As a result, AstraZeneca has achieved nearly 300% total shareholder interests over the last eight years, significantly ahead of the world’s pharmaceutical companies and FTSE 100 peers. “

Professor Sarah Gilbert, a scientist who led the team that created the Oxford / AstraZeneca coronavirus vaccine, said: Over £ 20m She is preparing to enter the US stock market with a 5.2% stake in a biotechnology company she co-founded.

Stéphane Bancel, CEO of Covid vaccine maker Moderna, is now worth nearly $ 5 billion as a result of an 8% stake in a biotechnology company after a stake of more than 500% surged over the past year. ..

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