T. Rowe Price Group shareholders on Thursday affirmed executive compensation in a say-on-pay vote, according to statement.
Shareholders also endorsed conducting say-on-pay voting every year. The board, which recommended annual frequency, adopted the shareholders’ choice, the statement said.
The $234.7 billion California Public Employees’ Retirement System, Sacramento, and the $156.8 billion Florida State Board of Administration, Tallahassee, supported both say on pay and the annual frequency.
The C$107.5 billion (US$111.7 billion) Ontario Teachers’ Pension Plan, Toronto, which also endorsed the compensation proposal, supported a three-year frequency.
CalPERS and FSBA also voted against Donald B. Hebb Jr. as director, who was re-elected along with the other directors to the board. CalPERS opposed him “for being an affiliated director and sitting on both the compensation and nominating committees,” CalPERS said in a statement. OTPP supported all directors.
Tallies of the votes were unavailable from the company.
