Walt Disney’s shareholders have rejected a remuneration plan that recommended an annual salary of $48.5 million for CEO Robert Iger for each year from 2018 to 2021. This plan also included equity-based awards in the region of $100 million.
52% of the shareholders voted against this remuneration plan, which is associated with the takeover of 21st Century Fox’s certain assets by Disney.
Year-over-year from 2015 to 2017, Bob Iger’s total compensation has been decreasing. Last year, his total compensation slipped 17% to $36.3 million from 2016, hurt by the decreased (-32%) performance-based cash bonus of $20 million.
The board believes it is necessary for Iger to remain with the company so that he can take care of the planned buyout of Fox.
Iger has been CEO since 2005 and from that time to now, Disney’s market cap has more than tripled while its shareholder return more than quadrupled.
Disney, which reported its first quarter results last month, is waiting for the regulatory approval for its $52.4 billion acquisition of Fox.