Shareholders of German media group ProSiebenSat.1 were not impressed with the company’s proposal for a generous management pay system. Nearly two-thirds of them rejected bonus payments for the group’s top executives at the annual general meeting on Friday, supervisory board Chairman Werner Brandt said.
Under the plans, Chief Executive Thomas Ebeling could receive a yearly compensation of up to €9.5 million ($10.3 million), including bonus payments. That would represent 950 percent of his base salary, complained Daniela Bergdolt, a representative of German shareholder advisory group DSW.
Last year, Mr. Ebeling received a base salary of €1.1 million and bonus payments totaling €2.5 million, not including pension claims.
Shareholder decisions at AGMs are not legally binding, but supervisory board members tend to watch them closely, to try and avoid a revolt by investors.
On Thursday, the media group that operates television and premium pay channels, radio stations and print publications, said it posted double-digit revenue growth in the first quarter of 2017, boosted mainly by new acquisitions and partnerships. Mr. Ebeling told investors in an analyst call that he expected record earnings of at least high single-digit revenue growth for the full year.
Contribution by Reuters. Tina Bellon is an editor with Handelsblatt Global. To contact the author: email@example.com