ROASTED: Pensions to Vote Against Starbucks Executive Compensation
Starbucks CEO Howard Schultz is facing some opposition on executive pay, specifically an advisory vote on executive compensation, from pension giants Ontario Teachers’ Pension Plan (OTPP), California State Teachers’ Retirement System (CalSTRS) and Florida State Board of Administration (SBA). This information was revealed through the asset owners’ proxy voting disclosures. On the other hand, Canadian Pension Plan Investment Board (CPPIB) plans to support Schultz’s pay. In 2014, around 87% of investors voted in favor of Starbucks’ executive pay plan. In March 2012, and years 2013 and 2014, CalSTRS voted “yes” on the advisory vote on executive compensation for Starbucks.
Starbucks’ shareholder meeting is scheduled for March 18, 2015.
U.S. institutional investors are challenging CEOs on executive compensation practices. In early March, CPPIB and Florida SBA voted against Apple’s executive pay plan citing a mismatch between chief executive pay and stock performance.
How much does he make?
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