Netflix investors reject high salaries for top executives.

Netflix Shareholders Reject Executive Compensation Packages

Netflix shareholders have voted against proposed compensation packages for the company’s top executives, citing their excessive pay for 2023. This decision comes in support of the ongoing Hollywood Writers Guild of America strike, which has now entered its fifth week.

“The compensation structure is more egregious against the backdrop of the strike.”

According to Writers Guild of America West President Meredith Stiehm, “While investors have long taken issue with Netflix’s executive pay, the compensation structure is more egregious against the backdrop of the strike.” Stiehm also pointed out that if Netflix could afford to pay over $166 million for executive compensation last year, they could certainly afford to pay $68 million per year to the writers who are seeking better compensation for themselves.

For 2023, Netflix Executive Chairman Reed Hastings is reportedly slated to receive a $500,000 salary, along with $2.5 million in stock, while co-CEOs Ted Sarandos and Greg Peters will be paid an annual salary of $3 million. Sarandos is set to collect an additional $20 million in stock along with the possibility of a bonus of up to $17 million. Peters will receive $17.3 million in stock and up to $14.3 million in bonus pay.

While the shareholders’ vote is nonbinding and Netflix’s board can proceed with payment plans, the streaming company has stated that it will report the vote in a regulatory filing. The final vote tally will then be revealed. It’s worth noting that in 2022, Netflix investors also rejected the company’s executive pay package with only 27% support.

If you’re interested in learning more about this story, click here to read the full article from the Washington Examiner.