Top Executives’ Pay Packages Rejected by Netflix Shareholders

Netflix Inc.’s shareholders have gained attention with their decision to reject proposals for CEO Ted Sarandos and co-CEO Greg Peters’ pay packages. The vote, though non-binding, serves as a protest against the lavish compensations that top media executives receive. Specifically, Sarandos is set to receive up to $40 million in total salary, bonuses, and stock options, while Peters, who was just named co-CEO in January, is set to make $34.6 million. It’s worth noting that Reed Hastings, Netflix’s co-founder and executive chairman, will only receive $3 million.

Although Netflix’s board can discard the results of the vote if they so choose, the vote should not be disregarded, given the current disputes between Hollywood studios and screenwriters. Striking Hollywood writers have taken issue with media companies’ executive pay, pointing out the salaries of Walt Disney Co.’s Bob Iger and Warner Bros. Discovery Inc.’s David Zaslav. These writers are asking for a salary increase that is less than what some executives make in a year. The Writers Guild of America, which represents over 11,500 screenwriters, urged shareholders to vote against the proposed compensation packages in a letter last week.

Despite Netflix management’s proposed pay packages, the shareholders have taken a stand against spiraling executive pay in the entertainment industry, citing concerns about unfair compensation by top management. This move also highlights the growing trend of shareholders and employees pushing back against executive excess, which may indicate a shift towards greater accountability and equity in corporate leadership.

 

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