Netflix shareholders have voted against the company’s $166 million executive pay packages in a rare dissent after the WGA urged shareholders to reject the pay packages, according to media reports.
The vote, which included the pay packages for co-CEO Ted Sarandos, former co-CEO Reed Hastings and Greg Peters, who was elevated from COO to co-CEO earlier this year, is nonbinding and serves a purely advisory function. Still, rejections for the “Say on Pay” proposals are rare, with only 1.5% of companies who asked shareholders to weigh in on executive compensation packages having rejected the pay proposals this year.
The rejection comes just days after WGA West president Meredith Stiehm sent an open letter to Netflix and Comcast shareholders calling on them to reject the pay packages in the impending vote as the guild stretched into their fifth week of striking.