Nearly 80 Percent of Chipotle Stockholders Vote ‘No' on Executive Pay at Annual Meeting

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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

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