Vanguard faults Alphabet on CEO pay, names new proxy chief

SourceZawya
SectorFinancial Markets
CountryMiddle east

BOSTON/LONDON - Vanguard Group Inc said it voted against the pay of Alphabet Inc executives, including new CEO Sundar Pichai, one of several examples of proxy voting the top mutual fund firm gave in a report to be released on Tuesday as it names a new stewardship chief.The parent of search engine Google paid Pichai's stock awards valued at $276.6 million for 2019, according to the company's proxy, accounting for nearly all his compensation.Vanguard said in the report it "found a misalignment between pay and performance" and would have liked to see more long-term compensation tied to metrics like relative total shareholder return.In an advisory ballot at Alphabet's annual meeting in June 25% of votes cast were "against" the pay. An Alphabet spokeswoman declined to comment on Vanguard's votes.Vanguard also ...read more...