Vornado Realty Trust shareholders are pushing back against CEO Steven Roth’s multimillion-dollar payday.
Over 40% of investors voted against the publicly traded New York City commercial real estate giant’s proposal to double Roth’s annual payment to $19.7M last week. The vote strays from common practice, as the average shareholder support for pay packages of CEOs on the Russell 3000 index is 92%, Crain’s New York Business reported.
At Vornado’s annual meeting, Institutional Shareholder Services recommended investors vote against Roth’s pay due to “unmitigated pay-for-performance misalignment.”
Roth’s compensation is largely made up in shares and stock options but also includes $3.7M in a cash bonus. In…