MJ Biz report…..
Shareholders approved Tilray’s executive compensation scheme in a nonbinding vote at the marijuana company’s annual general meeting Tuesday, but the results fell short of an overwhelming endorsement.
In the say-on-pay vote, which is only advisory, roughly 63% of shareholders approved the compensation of CEO Irwin Simon, Chief Financial Officer Carl Merton and the New York-based cannabis company’s next-top-paid executives.
Of the 55,954,488 votes cast on the resolution at the company’s virtual meeting, 35,224,384 voted for the motion to approve the compensation, while 20,730,104 voted against.
There were nearly 2 million abstentions.
The 63% support is much lower than normal.
So far this year, average support for say-on-pay votes at S&P 500 companies has been 88%, according to the business publication Corporate Secretary.