America's largest labour union yesterday attacked what it called Pfizer's "super-pension" for Hank McKinnell, chairman and chief executive.
At the US drugmaker's annual shareholder meeting in Lincoln, Nebraska, the AFL-CIO union said Hank's pension did not reflect performance, calling it merely "pay for pulse" policy.
Pfizer's shares have declined more than 40 per cent in five years.
The union is a shareholder.
Hank's pension package is valued at $83m, or $6.5m a year. He is expected to retire in two years. His salary was kept flat this year and his bonus fell 7 per cent, giving a combined total of $6m excluding options and other benefits.
The union pointed to Hank's chairmanship at Business Roundtable, the big-business lobby group, and sought to juxtapose the lobby group's support for privatising Social Security, the US federal public pension system, and Mr McKinnell's large, defined pension benefit.
Nevertheless, the US Securities and Exchange Commission rebuffed AFL-CIO efforts to put a resolution on Pfizer's shareholder proxy ballot. The resolution sought to establish shareholder votes on pensions worth more than senior management's annual compensation.
Source: FT.com
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