Moderna’s billionaire CEO Stéphane Bancel reaped nearly $400 million last year. He also got a raise.
last month that he donated the after-tax proceeds of his stock sales last year – $176 million – to charity, along with another $76 million this year.
Moderna’s governance is coming under criticism from firms that advise shareholders on how to cast their votes at annual meetings. Institutional Shareholder Services for the last two years has recommended voting against directors to protest practices that, it argues, make the company less responsive to shareholders. Moderna says that some practices at issue, such as staggering terms of its board members, are a defense against a hostile takeover.
Moderna emphasizes that Bancel and other senior executives only reap rewards if shareholders do. In 2022, when Moderna’s stock fell 29 percent, Bancel’s actual pay equated to a loss – on paper – of $306.2 million, according to a March securities filing. The prior year, when the stock rose 143 percent, his package was actually worth $793 million, according to the company’s estimates.
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