Chipotle Shareholders Reject Overstuffed CEO Pay
Leading Investors Reject Burrito Chain’s Bloated Executive Pay Plan
DENVER, CO, May 15, 2014 – At the Chipotle Mexican Grill (NYSE: CMG) annual meeting today, investors by a vote of 77% shares against soundly rebuked the Company’s executive pay plan that produced a whopping $285 million in 3-year realizable CEO pay. This is the highest vote against CEO pay this year.
Leading institutional investors, The California State Teachers Retirement System (“CalSTRS”), CalPERS, New York City Pension Funds, and the Florida State Board of Administration joined the CtW Investment Group in voting against the plan. Major proxy advisory firms Institutional Shareholder Services and Glass Lewis also opposed management’s “say-on-pay” proposal.