Salesforce shareholders reject compensation plan for CEO, other top executives
Adds background and details from paragraph 2 onwards
July 1 (Reuters) -A majority of Salesforce CRM.N shareholders voted against a compensation plan for its CEO Marc Benioff and other top executives, according to a security filing on Monday.
The resolution to approve the compensation received 339.3 million votes in favor versus 404.8 million against, the filing said.
For the 2024 financial year, Benioff received $39.6 million in total compensation, up from $29.9 million in the prior year.
In May 29, the company forecast second-quarter profit and revenue below Wall Street estimates due to weak client spending on its cloud and enterprise business products, which sent its shares down more than 16% after the bell.
Advisory firms Glass Lewis and Institutional Shareholder Services (ISS) both recommended that investors vote down the measure, according to a CNBC report.
Glass Lewis and ISS did not immediately respond to Reuters' requests for comment.
Reporting by Harshita Mary Varghese and Urvi Dugar in Bengaluru; Editing by Alan Barona
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
