Morgan Stanley shareholders urged to vote against pay proposal by proxy adviser
NEW YORK -Morgan Stanley shareholders should vote against its proposal for executive pay at the bank's annual meeting on May 23, according to a recommendation by influential proxy adviser Glass Lewis.
"The company paid significantly more than its peers, but performed worse," Glass Lewis wrote in a report, citing its compensation models. "The misalignment between pay and performance alignment is indicative of a costly CEO transition."Last week, Bank of America and Goldman Sachs shareholders rejected proposals to divide the CEO and chairman roles at both banks, despite recommendations by proxy advisers to separate the positions.
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