(Reuters) -Institutional Shareholder Services has recommended Pfizer investors reject a proposal on executive compensation due to changes made in the long-term awards for CEO Albert Bourla and other top executives.
The proxy adviser said on Wednesday that the changes added about $1 million in additional value for CEO.
The modification “significantly undermines the at-risk nature of the awards and a pay-for-performance philosophy,” the firm said.
Pfizer did not immediately respond to a request for comment.
The company’s shareholders are expected to vote on the proposal at the annual meeting scheduled for April 24.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Anil D’Silva and Sriraj Kalluvila)
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