Once again, the pay package given Novartis chairman Dan Vasella is causing a ruckus. At the annual meeting yesterday in Basel, Switzerland, only 61 percent of shareholders backed the compensation plan, the first time remuneration was put to a vote. This is not considered a very good showing, however, and in fact, Dan and Novartis ceo Joe Jimenez were criticized for their salaries and because a chunk of their pay is not tied to long-term performance, The Wall Street Journal writes.
So what did Dan receive? According to the Novartis annual report, he earned about $8.5 million last year, including cash and stock. Separately, Dan also received a one-time retirement benefit worth $12.8 million. But Ethos, a shareholder activist organization, calculates he earned around $27 million. And Rudolf Meyer, who heads the Actares activist group, called Vasella’s retirement package “scandalous.” The ISS proxy advi
So what did Dan receive? According to the Novartis annual report, he earned about $8.5 million last year, including cash and stock. Separately, Dan also received a one-time retirement benefit worth $12.8 million. But Ethos, a shareholder activist organization, calculates he earned around $27 million. And Rudolf Meyer, who heads the Actares activist group, called Vasella’s retirement package “scandalous.” The ISS proxy advi