Salesforce investors reject plan to add extra $20M to Benioff's total pay

Investors have turned down billionaire Marc Benioff's bid for greater compensation from Salesforce, the SaaS company he helped found 25 years ago, a proxy statement filed on Monday reveals. Investors voted down a tweak in executive compensation that included a bid to give Benioff a second long-term equity top-up worth $20 …

[Doctor Syntax]

It may be non-binding but wouldn't the shareholders be able to dismiss the board if they were sufficiently annoyed with them?

I think it wouldn't be a bad idea if occasionally shareholders did fire an entire board, just to keep them on their toes although it would be a good idea to have nominations for a replacement already in hand.

[Charlie Clark]

It's just another example of how poor governance is in many modern companies. The company may, in theory, be owned by the shareholders but, in practice, they either have to accept everything the board is doing or fight about who should replace it.

[nematoad]

Do tell.

"...shareholders may reasonably be wary of the substantial discretionary equity grants" owing to a "lack of a fully convincing rationale."

That seems to pretty much the situation at Tesla, but there Musk had the board packed with his friends and somehow the shareholders were happy to give him an extra $58 billion dollars.

With a B for God's sake!

[Doctor Syntax]

Re: Do tell.

Just wondering - what's happened to the Tesla share price since then.

[Anonymous Coward]

Re: Do tell.

That's not going to dip, and if it did, Musk would announce some new BS that he would never deliver on and the shareholders would lap it up.

[Pascal Monett]

Benioff is already a majority shareholder

So, if the company is doing well, he's doing well. He doesn't need more and, since he's already a billionnaire, he hardly needs a few paltry million more.

He should have asked for 20 billion. Apparently, among billionnaires these days, it's all the rage.

[b1k3rdude]

Er how about paying thier employees more, no that would be such a silly idea....

[Anonymous Coward]

The ones delivering the value… not just making strategy decisions (aka guesses).