Pension funds have lined up on different sides on the issue of Microsoft Corp.’s executive pay package for CEO Satya Nadella and four other top executives.
The C$234.4 billion ($205.6 billion) Canada Pension Plan Investment Board, Toronto; $177.8 billion Florida State Board of Administration, Tallahassee; and $1 billion American Federation of State County and Municipal Employees Pension Plan, Washington, all plan to vote against the executive compensation.
The $187.1 billion California State Teachers’ Retirement System, West Sacramento, and C$140.8 billion Ontario Teachers’ Pension Plan, Toronto, plan to vote in favor of the executive pay package.
The pension fund votes are based on their proxy-voting disclosures. The voting on executive compensation is non-binding.
The total compensation for Mr. Nadella, who is also a director of Microsoft, for the fiscal year ended June 30 was $84.3 million, according to the company’s proxy statement. The total compensation for the same year for B. Kevin Turner, chief operating officer, was $22.7 million; Harry Shum, executive vice president, technology and research, $17.1 million; Bradford L. Smith, executive vice president, general counsel, $16.9 million; and Amy E. Hood, chief financial officer, $10.4 million.
Microsoft’s annual meeting is Wednesday.