In an unusual move, CenterPoint Energy shareholders on Friday rejected CEO David Lesar’s $38 million compensation package, after a report found it was far higher than chief executives of similar utility companies.
CenterPoint Energy shareholders on Friday rejected CEO David Lesar’s compensation package in nonbinding vote that sends a message to the Houston utility’s board that they disapprove of the nearly $38 million Lesar received in 2021.
Ted Pound, chairman of CenterPoint board’s compensation committee, said in a statement that the utility’s directors “value and respect the perspective of our shareholders” and “will take their views on executive compensation into consideration as we evaluate an approach that will serve the company and our investors.”
Companies are required to allow shareholders to vote on executive compensation at least once every three years, although the companies’ boards can decide whether or not those votes are binding, triggering action, or non-binding, making them largely symbolic. Ed Hirs, an energy fellow at the University of Houston, said the vote could be a sign of a souring relationship between shareholders, the board and Lesar.
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