- 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.
- Related: Hollywood Writers' Strike Hits HBO's 'The Last of Us Season 2
- 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.
- Also Read: From Couches To Trading Floors: Dissecting The Impact Of Netflix's Password-Sharing Crackdown On Its Stock Price
- 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.
- Photo via Wikimedia Commons
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