Netflix shareholders have voted against proposed pay packages for the company’s top executives, including co-chief executives Ted Sarandos and Greg Peters. <\/p>\n\n\n\n
Although the vote is nonbinding, it highlights growing discontent among shareholders<\/a><\/strong>.\u00a0<\/p>\n\n\n\n The decision comes shortly after the Writers Guild of America publicly urged shareholders to reject the compensation plans as a strike continues. <\/p>\n\n\n\n Read More: Striking Writers Guild presses Comcast and Netflix shareholders to waive massive executive pay<\/a><\/strong><\/p>\n\n\n\n Sarandos’s proposed pay package 2023 could amount to $40 million, combining base salary, performance bonuses, and stock options. <\/p>\n\n\n\n Peters, who assumed the role of co-chief executive<\/a><\/strong> in January, is set to receive up to $34.6 million.<\/p>\n\n\n\n However, former CEO Reed Hastings, now executive chairman, is expected to earn $3 million this year.<\/p>\n\n\n\n The shareholders voted during the company’s annual meeting, which coincided with the fifth week of the writers’ strike. <\/p>\n\n\n\n No public comments were made during the brief meeting. <\/p>\n\n\n\n Read More: Hollywood writers start strike after negotiation breakdown with studios<\/a><\/strong><\/p>\n\n\n\n In a letter to shareholders, Meredith Stiehm, President of the Writers Guild of America’s Western branch, criticized the compensation plans.<\/p>\n\n\n\n He argued if Netflix could afford such hefty executive pay, it should also adequately compensate its writers, estimating an annual sum of $68 million.<\/p>\n\n\n\n Netflix played a pivotal role in the rise of the streaming industry<\/a>,<\/strong> transforming the entertainment landscape and compensation structures.\u00a0<\/p>\n\n\n\n However, writers claim while the industry has experienced a surge in production, their wages have remained stagnant, and working conditions have deteriorated.<\/p>\n\n\n\n Need Career Advice? <\/strong>Get employment skills advice at all levels of your career<\/strong><\/a><\/strong><\/p>\n\n\n\n This is not the first time Netflix shareholders have rejected executive compensation. <\/p>\n\n\n\n Last year, a “Say on Pay” proposal was turned down, prompting discussions between the company and major shareholders. <\/p>\n\n\n\n Netflix adjusted its 2023 pay program, including salary caps of $3 million, a requirement for at least 50 percent of compensation to be tied to stock options, and the introduction of performance-based cash bonuses.<\/p>\n\n\n\n Netflix has not commented on when the board will address the pay packages, leaving the writers’ strike ongoing. <\/p>\n\n\n\n The outcome of future discussions between the board and shareholders remains unclear.<\/p>\n\n\n\n Follow us on YouTube<\/strong><\/a>, Twitter<\/strong><\/a>, LinkedIn<\/strong><\/a>, and Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Netflix shareholders have voted against the proposed pay packages for the company’s top executives, including co-chief executives Ted Sarandos and Greg Peters. <\/p>\n","protected":false},"author":5,"featured_media":44156,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1065,1372],"tags":[450],"class_list":["post-44151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-business-news","category-us-employment-news","tag-netflix"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/44151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=44151"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/44151\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/44156"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=44151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=44151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=44151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}