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ROZZANO, Italy, May 25 (Reuters) - Shareholders at Italian phone group Telecom Italia on Wednesday voted in favour of a special award plan for its new Chief Executive Flavio Cattaneo and other top managers despite growing investor criticism of excessive wages for executives.
Under the remuneration plan, Cattaneo is set to be paid 1.4 million euros ($1.6 million) annually, in line with his predecessor, and get a bonus worth between 50-150 percent of his salary if the company reaches the goals of its business plan.
However, investors also backed a special award plan that could see top management receive an additional bonus of up to 55 million euros if Telecom Italia exceeds its goals, of which up to 40 million euros may be allocated to Cattaneo.
Proxy advisers Glass Lewis and ISS urged shareholders to reject the special award, criticising the fact that it was linked to short-term results and that a bonus would be granted even in the case of an early departure. ($1 = 0.8962 euros) (Reporting by Agnieszka Flak and Stefano Bernabei; editing by Francesca Landini)