McDonald's Corp. shareholders on Thursday voted to ratify the compensation of Donald Thompson, president and CEO, and four other top executives by a 93.5% vote, despite opposition by CalPERS.
Directors on the company's board, including John W. Rogers Jr., chairman, CEO and chief investment officer of Ariel Investments, were each re-elected with votes upward of 96.4%.
The $289.6 billion California Public Employees' Retirement System, Sacramento, and $183.3 billion California State Teachers' Retirement System, West Sacramento, opposed the re-election to the board of Miles D. White.
CalPERS also opposed the re-election of Susan E. Arnold, operating executive, global consumer and retail group, at The Carlyle Group.
CalPERS voted against Mr. White and Ms. Arnold because it believes they are overcommitted, serving on more than two public company boards.
The C$201.5 billion (US$184.7 billion) Canada Pension Plan Investment Board, Toronto; $178.9 billion Florida State Board of Administration, Tallahassee; and C$140.8 billion Ontario Teachers' Pension Plan, Toronto, all supported the executive pay and all the directors.
CalSTRS also supported the executive pay.
Mr. Thompson's total compensation last year was $9.4 million, consisting of $1.2 million in cash salary, $4.7 million in stock awards, $1.7 million in stock option awards, $1.4 million in non-equity incentives and $434,425 in other pay.
A shareholder proposal enabling shareholders to act by written consent to propose to take corporate governance action without waiting for an annual meeting was supported by all the pension funds, except OTPP, which sided with McDonald's management and opposed it. The proposal was rejected, receiving 41.7% of votes in favor.
All the pension funds voted in favor of a cash incentive plan, which was approved by a 96.9% vote.
Andrew J. McKenna, McDonald's chairman, announced the results, all preliminary, at the company's annual meeting.