Shareholders at TiVo’s annual meeting yesterday approved the company’s $11.5M compensation last year for CEO Tom Rogers, rejecting pleas by two leading proxy advisory firms to challenge the salary package. Nearly 60% of the votes cast for or against supported the board’s award for Rogers while 40% opposed in the federally mandated “Say On Pay” advisory vote, according to an SEC filing today. Most CEOs win overwhelming support. Rogers’ pay became an issue after advisory firm Glass Lewis gave TiVo an “F” grade for failing to adequately link pay to performance. Institutional Shareholder Services raised similar objections, and said that TiVo benchmarked Rogers’ pay against CEOs at much larger companies. The board said that Roger’s compensation reflected the company’s “strong” operating results, and the 24.9% appreciation in the stock price during the fiscal year. They also said that they made a “strong linkage between pay and performance.”
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.