At the recent AstraZeneca annual shareholder meeting, more than 37% of shareholders voted against or abstained from the vote over a £9.4m pay package for chief executive Pascal Soriot, according to an article from The Guardian. This is reportedly the second such rebuke in the past two years, even though it was a drop from £14.3m a year earlier.
AstraZeneca reported a 46% drop in operating profits for the first quarter, according to The Guardian, with earnings falling to $896m, attributed to increased costs and generic drug competitors to the company’s Crestor cholesterol medicine. Shareholders were reportedly opposed to what some cited as “overpayment for underperformance.”
Read the entire article here.