UPDATE 1-Chipotle shareholders rebuke company's executive pay

jueves 15 de mayo de 2014 13:27 GYT

(Adds pay and industry details, comment by union pension adviser)

By Ross Kerber

BOSTON May 15 (Reuters) - Chipotle Mexican Grill Inc failed to win a majority of shareholder support for its executive pay on Thursday, a noteworthy rebuke for the Denver restaurant chain that has been one of its industry's top performers.

The pay had drawn criticism as too generous from public pension fund overseers and an influential union pension adviser, CtW Investment Group, which has put a new focus on reforming consumer companies.

Chipotle spokesman Chris Arnold said via email that an advisory measure on the pay of the company's top executives received support from about 23 percent of shares voted at the company's annual meeting.

"We take this very seriously," he said.

Among Russell 3000 companies that have held pay votes so far this year, the next-lowest tally was at BroadSoft Inc. It received 27 percent support for its pay, according to consulting firm Semler Brossy.

Chipotle spokesman Arnold said the company "will continue to engage with our investors as we review our compensation programs that build value for all of our investors."

Chipotle is unusual in having dual chief executive officers, Steve Ells and Monty Moran. They were paid $25.1 million and $24.4 million, respectively, in 2013, according to the company's proxy statement.   Continuación...