Netflix stockholders reject compensation for leadership - report
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Netflix (NASDAQ:NFLX) stockholders voted â which is non-binding â to reject the compensation for the company's top executives, including Co-CEOs Ted Sarandos and Greg Peters, Bloomberg News reported.
The vote against the proposed compensation was carried out at an annual meeting, the report added citing a person familiar with the matter.
Netflix's board can disregard the vote, as they have in the past, however the vote is significant due to the current strife between major Hollywood studios and screenwriters, according to the report.
Sarandos is expected to get about $40M in salary, bonus and stock options, while Peters is anticipated to make $34.6M. Co-Founder and Executive Chairman Reed Hastings is expected to get $3M.
Striking Hollywood writers have spoken against media companies for paying their executives too much money. The Guild started a strike in May with members wanting higher pay.
The report added that most of the votes were in before the Writers Guild of America recommended the stockholders to vote against the pay packages in a public letter last week.
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