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In an unusual move, a prominent shareholder advisory firm is urging investors in Arrowhead Pharmaceuticals (ARWR) not to approve what it calls “excessive” compensation for board members who are not executives at the company.

Glass Lewis explained the drugmaker awarded non-executive directors an average annual compensation package — including cash, stock awards, and payments for serving on a special board project — that totaled roughly $446,900, 758,300, and $791,300 in 2019, 2020, and 2021, respectively. The aggregate compensation levels were above the 90th percentile among companies of a similar size.

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