Shire Shareholders Rebel Over CEO Salary Increase

Source: Wall Street Journal

Apr 28, 2016

Shire faced a major revolt at its annual general meeting after 49.45% of shareholders voted against a remuneration report that gave chief executive Flemming Ornskov a 25% pay increase.

The pay increase -- which was made over concerns that Ornskov was being approached with more attractive offers -- was granted without consulting major shareholders, coinciding with the start of Shire’s pursuit of Baxalta.

Ornskov's base pay jumped to $1.68 million, while his total compensation rose to $21.6 million.

Read the WSJ story