Bloomberg BNA’s Corporate Law & Accountability Report is available on the Corporate Law Resource Center. This news service keeps corporate practitioners informed of legal developments of...
May 15 — Shareholders of Chipotle Mexican Grill Inc. said “no” to the company's plan to pay its chief executive officers as much as $285 million over three years, according to one of its stockholders, CtW Investment Group.
Shareholders participating in the annual meeting May 15 voted 77 percent of their shares against the executive pay plan. That, according to a news release from CtW Investment Group, is the largest vote against CEO pay at a public company so far this year.
The California State Teachers Retirement System, New York City Pension Funds and the Florida State Board of Administration were among the institutional investors voting against the compensation plan.
The say-on-pay vote is advisory and does not require the company to take any specific action.
Major proxy advisory firms Institutional Shareholder Services Inc. and Glass, Lewis & Co. also opposed management's “say-on-pay” proposal, according to the news release.
The company paid its co-CEOs, Steve Ells and Montgomery Moran, in excess of $50 million in 2013, tenth on a list of the Russell 3000's highest paid CEOs, the news release said.
CtW Investment Group works with union-sponsored pension funds with the mission of enhancing long-term shareholder value through active ownership.
Chipotle's proxy statement is available at http://www.sec.gov/Archives/edgar/data/1058090/000119312514118566/d632156ddef14a.htm#toc632156_17.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)