Salesforce shareholders voted against approving the company's executive compensation plan at the annual meeting on July 1st, defying the board's recommendation. Shareholder advisory firms Glass Lewis and ISS had recommended voting against the plan due to concerns about additional equity awards granted to CEO Marc Benioff in January 2024. Benioff received a total compensation of over $39 million for fiscal year 2024, up from more than $29 million the prior year, partly due to security fees. The additional awards to Benioff were viewed as unwarranted given he already owned over 2% of Salesforce shares worth nearly $6 billion.
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00:00It's Benzinga, and here's what's on the block.
00:03Salesforce shareholders voted against approving the company's executive compensation plan
00:07at the annual meeting on July 1st to find the board's recommendation.
00:12Shareholder advisory firms Glass-Lewis and ISS had recommended voting against the plan
00:16due to concerns about additional equity awards granted to CEO Mark Benioff in January 2024.
00:22Benioff received a total compensation of over $39 million for fiscal year 2024, up from
00:27more than $29 million the previous year, with the increase partly due to security fees.
00:33The additional awards to Benioff were viewed as unwarranted given he already owned over
00:372% of Salesforce shares worth nearly $6 billion.
00:40For all things money, visit Benzinga.com.