If you’re looking for some good news, or something that resembles good news, in these despairing times, here’s something.
Shareholders of Electronic Arts (EA), the folks behind favs like Fifa and The Sims, rejected the company’s proposed compensation package for its top executives.
The proposal motioned to give EA full control over how well it compensates its top executives outside of their salaries. Back in July, CtW Investment Group, one of EA’s pro-labour shareholders, urged investors to vote against it.
Yeah, we know. What a time to be alive if you are an exec. That it is even in question when the world is going to hell in a handcart with economies doing belly flops and nose dives all around the world… well yeah. We did say that it only somewhat resembles good news.
Anyway, according to vg247, the lobbying work with 68% of shareholders rejecting the proposal. Millions of votes (over 171 million according to reports) were cast against the hare-brained schemed vs the 59.6 million in favour
Dieter Waizenegger, executive director of CtW Investment Group, said:
Shareholders issued a resounding rebuke of Electronic Arts’ deeply flawed executive pay practices that does not incentivize executives to create long-term value. This vote is a clarion call for the board to stop piling awards on top of awards for top executives and make sure that the company develops a pay philosophy that is focused on talent development and retention throughout all levels of the company.
EA saw an exponential boom in revenues in the first quarter of the current fiscal year, largely thanks to people being stuck at home and more free time on their hands.
Everything from turning to creating The Sims 4 CC work-from-home office vibes to the learning new tricks on Fifa, games being made available on Steam and everything in-between would have helped that.
Those poor execs, must be tough.