During EA’s annual meeting of shareholders last week, most of them voted against the company’s executive compensation plan.
According to the compensation plan, EA CEO Andrew Wilson should get $21.4 million in compensation for the fiscal year 2020, up from $18.3m in 2019. Chief operating and financial officer Blake Jorgensen is to receive $19.5 million, which is nice bump from last year’s $9.41 million. Finally, chief studios officer Laura Miele could see his 2019 compensation of $6.95 grow to $16.1 million.
During the ‘say on pay’ vote, 170.89 million votes were cast against EA’s plan, with 59.6 million in favour.
Specifically, Institutional Shareholder Services voiced “significant concerns” about the plan. It also faced opposition from Glass Lewis & Co. and CtW Investment Group, a labor-backed group.
The company, however, insists that its “pay practices align with our financial results,” adding that “we value the opinion of our shareholders, and the board and compensation committee will take their feedback into account as part of our ongoing evaluation of our compensation programs.”
The ‘say on pay’ vote is only advisory, but a rejection of the company’s executive compensation plan is “an uncommon outcome.”