By Jessica DiNapoli and Ross Kerber
NEW YORK (Reuters) – Roughly 57% of investor votes cast backed healthcare company Johnson & Johnson’s executive pay for 2020, a low level of support for a proposal most shareholders usually rubberstamp.
The low support, not including abstentions, for the non-binding proposal comes after the Office of the Illinois State Treasurer urged other shareholders to vote “No” on the company’s pay practices, namely because J&J sets aside certain litigation costs when calculating executive compensation, including from the U.S. opioid epidemic.
Proxy advisors Glass Lewis and Institutional Shareholder Services Inc also recommended against J&J’s pay.
(Reporting by Jessica DiNapoli)
