Walt Disney Company shareholders think CEO Bob Iger is paid quite enough, thank you very much. While the shareholders have only an advisory vote on executive pay, they gave a big thumbs down to Disney’s plan to give Iger even more than the $36.3 million he made last year, Bloomberg reports.
The news shouldn’t be that surprising to Disney as Iger recently came in number 12 on shareholder advocacy group As You Sow’s list of most overcompensated CEOs. According to Bloomberg, proxy advisory companies had recommended that stockholders reject the pay plan, probably by pointing out that Iger’s paycheck is equivalent to the GDP of Lesotho.
Disney, however, wants to make sure Iger sticks around to shepherd it through its $52.4 billion purchase of film and TV assets from 21st Century Fox. In December Disney extended Iger’s contract through 2021. Still, the company said it will take the shareholders’ vote under advisement when considering Iger’s future pay.
Perhaps Iger can justify his exorbitant pay in the book he’s writing about his 44 years at Disney, which is due out in 2019.