Actelion Ltd. Shareholders Reject Executive Pay Plan
Published: Apr 19, 2013
Actelion shareholders voted on Thursday against the biotechnology company's executive pay plan for 2012, making it the second Swiss company in as many weeks to have its compensation proposals rejected. More than 60 percent of shareholders voted against the plan, which includes 5.2 million Swiss francs ($5.6 million) in 2012 compensation for founder and Chief Executive Jean-Paul Clozel. Influential shareholder groups Ethos, Actares and ISS had urged shareholders to reject the pay plans, even after Actelion made changes to its compensation report. Just 55 percent of shareholders backed its remuneration proposals last year.