Salesforce Shareholders Reject CEO Pay Plan, Defying Board Recommendation

Salesforce shareholders voted against approving the company's executive compensation plan at the annual meeting on July 1st, defying the board's recommendation. Shareholder advisory firms Glass Lewis and ISS had recommended voting against the plan due to concerns about additional equity awards granted to CEO Marc Benioff in January 2024. Benioff received a total compensation of over $39 million for fiscal year 2024, up from more than $29 million the prior year, partly due to security fees. The additional awards to Benioff were viewed as unwarranted given he already owned over 2% of Salesforce shares worth nearly $6 billion.