Pharmaceutics firm Bayer gets shareholder rebuke for management remuneration
"We find the impact of litigations should be accounted for in management board's remuneration outcomes," Glass Lewis said in the report at the time.
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Frankfurt: Shareholders of Bayer on Friday voted to reprimand the German drug and farming supplies maker for its top management pay scheme, after one leading proxy advisory group said it did not adequately reflect Bayer's litigation burden.
At Friday's annual general meeting, 75.89% of shareholders voted against approval of the report on executive board compensation.
In the run-up to the vote, advisory firm Glass Lewis wrote in a report that it took issue with how Bayer adjusted a management payout component that is contingent on group cash flow to strip out the effect of major litigation.
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