Netflix Executives and Their Lavish Pay: Shareholders Say, Not So Fast!

Netflix Inc NFLX shareholders voted against the company's executive pay package in a nonbinding vote.
Netflix shareholders withheld their support for the company's executive pay package in a non-binding vote following a plea by striking Hollywood writers to oppose the proposed 2023 compensation, reported Reuters.
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According to the report, The Writers Guild of America West advised investors to vote against the compensation offered to Netflix's top executives, stating that such a vote would be "inappropriate" during the strike, which is now in its fifth week.
"While investors have long taken issue with Netflix's executive pay, the compensation structure is more egregious against the backdrop of the strike," stated Writers Guild West President Meredith Stiehm.
Stiehm stated that if Netflix had the resources to spend more than $166 million on executive compensation last year for its top executives, it could afford to pay $68 million a year to writers seeking better compensation.
The Writers Guild of America West wrote a similar letter to Comcast Corporation CMCSA, the parent company of NBCUniversal, which hosts its annual shareholder meeting on June 7, mentioned Reuters.
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The union has made executive salaries for Hollywood executives a negotiating point and has pressured media companies to get them back to the negotiation table.
Price Action: NFLX shares are trading higher by 0.34% at $404.50 premarket on Friday.
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