In a rebuke to AmerisourceBergen (ABC), nearly half of its shareholders voted against a “say-on-pay” proposal after criticism erupted over the hefty compensation package given its chief executive officer and the role the company played in the opioid crisis.
Specifically, 48% of the stockholders rejected the compensation given to CEO Steve Collis and his management team, an outcome that suggests the company misjudged investor sentiment about the pay packages. However, when excluding shares held by Walgreen Boots Alliance, which owns 27.7% of AmerisourceBergen stock, 72% of independent shareholders rejected executive pay.
The vote “sends a powerful message that now and in the future, shareholders expect greater accountability from companies,” said Connecticut State Treasurer Shawn Wooden who, along with Rhode Island Treasurer General Treasurer Seth Magaziner, had openly opposed the pay package given to Collis and urged AmerisourceBergen shareholders to reject his compensation.
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