Here's what NY Times Dealbook blog is reporting:
"Shareholders, angered by lofty executive pay in a time of dwindling earnings, turned their wrath on Royal Dutch Shell on Tuesday, voting against compensation packages for senior management, The New York Times’s Julia Werdigier reports from London."
The vote is not binding. But it represents a significant change in the usual rubber stamp shareholders have given in the past to these compensation packages.
Perhaps the rabble is coming around to understand that the investment in executives has shown poor returns in recent months. And perhaps the executives will take note of the rabble's rage.
But knowing how dear and how beloved the compensation packages are to top execs, I'll bet they get what they want, rabble be damned.
Some links below if you want to read more...
NY Times dealbook blog post
Shell's investor center
My 6, 2009 letter from Sir Peter Job, Chairman of Shell's Remuneration committee, explaining why the bonuses were appropriate and should be paid.