Investors in drug distributor AmerisourceBergen reject a challenge to CEO's $14.3M pay

[TexasTowelie]

Shareholders at drug distributor AmerisourceBergen lost a challenge to the chief executive’s pay package, as a proposed opioid settlement is expected to cost the company billions.

At the company’s annual meeting Thursday, investors had a chance to say whether they agreed or disagreed with the CEO’s $14.3 million compensation package for 2020 by voting on a so-called say-on-pay resolution.

CEO Steve Collis received a 26% raise and a $2.5 million cash bonus in a year when the Chesterbrook-based corporation also took a $6.6 billion hit to its books, in preparation for a potential opioid settlement with state attorneys general.

A majority of shareholders voted in favor of the pay package for Collis, the company confirmed.

Read more: https://www.inquirer.com/business/drugs/amerisourcebergen-abc-drugs-shareholders-meeting-ceo-pay-20210312.html

[ret5hd]

1. So who investigates this type of vote fraud?

Who does the vote counting? Who collects/safeguards the ballots?

I’ve never thought to question this issue before, so I really don’t know.

[TexasTowelie]

2. I'm hesitant to claim that there is fraud involved in the voting.

It is in the best interest of shareholders to have a competent CEO so I can understand why they would reward him with a generous compensation package.

[ret5hd]

3. Competent at what?

I’m pretty sure I could set up a situation where “my” company would lose a billion dollar lawsuit...and I don’t claim to be competent at anything but YardDarts.

[TexasTowelie]

4. I suspect that the court verdict is going to be a covered loss with their insurance.

As long as the stock price stays high and the company pays a good dividend, then the court verdict is insignificant to investors.

[ret5hd]

5. Uugghh...what's the answer?...

Rhetorical question...rhetorical question.

[FakeNoose]

6. You know what? There's something else going on here

We're not given all the facts here in this article. None of us - who aren't among the shareholders - is able to comment.