AstraZeneca PLC (LSE:AZN) shareholders approved a controversial increase to chief executive Pascal Soriot’s pay package yesterday.
Around two thirds of shareholders gave the £18.7 million salary and bonus package the nod, which represents an 11% year-over-year increase to Soriot's pay.
With a third shareholders voting against the hike, opinion was clearly divided on the matter.
Some have argued that Soriot’s exorbitant pay package is too high, though others, including some of AstraZeneca’s own shareholders, have pointed to the US as proof that he’s actually underpaid.
Under Soriot, AstraZeneca has delivered strong earnings growth and an 83% share price increase over five years.
Shareholders were offered a sweetener prior to the vote in the form of a 7% dividend hike; a significant increase from prior years.