Unilever PLC (LSE:ULVR) is freezing its chief executive's salary for two years after shareholders complained about the level of top executives' pay packages at the household goods giant.
Hein Schumacher, in charge since July, will not receive a fixed pay increase in 2024 and 2025 after a 58% shareholder vote against the pay deals at the annual general meeting.
Schumacher's previous annual salary of £1.62 million will remain unchanged until 2026.
Dissenting shareholders objected mostly to the size of the pay packet, prompting Unilever to start discussions with the dissenters ahead of its next pay policy vote.
The company recently announced an "action plan" to enhance growth by focusing on its 30 most profitable brands after accusations by some investors that it has gone nowhere for years.