Two prominent shareholder advisory firms are urging Regeneron Pharmaceuticals (REGN) shareholders to remove a director who is on the compensation committee, citing concerns over “problematic” pay practices and “excessive” awards given to the top two executives.
In separate investor alerts, the advisory firms argue the Regeneron board has showered chief executive officer Leonard Schleifer and president and chief scientific officer George Yancopoulos with upfront performance stock units worth $130 million over five years, rather than annual grants. This approach may lock in executives, but the firms say it also robs the board of flexibility if job performance changes during that time.
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