Netflix shareholders voted against a massive bonus for top executives due to the ongoing WGA strike.
One of the staples of a strike is the motto “hit 'em where it hurts.” For a demand to be met, the powers that be need to understand the impact that workers deciding to cross their arms have on their company and investment. Today, an important win can be celebrated by the WGA and its supporters: Netflix shareholders vetoed an executive pay package that amounted to a shocking total of $166 million and would be distributed to a handful of top executives.
The WGA pressured Netflix shareholders to vote against the package approval, arguing that this kind of maneuver would be “inappropriate” – to say the least – to take place in the middle of a month-long strike. Yesterday, the Writers Guild of America West took to Twitter to celebrate the win and break down what that kind of exorbitant pay entailed. They wrote:
COLLIDER VIDEO OF THE DAY SCROLL TO CONTINUE WITH CONTENT “Today shareholders voiced their disapproval of @netflix’s outlandish exec pay totaling over $166 million for 2022. This excessive sum, paid to just a handful of execs, could pay for Netflix’s annual share of all of WGA’s proposed improvements for writers—twice over. Instead, this money paid the top Netflix execs who are creating risk for the company and shareholders by not offering writers a fair deal.
In all fairness, this type of package is unpopular even among shareholders, since it benefits only a handful of top executives. According to Yahoo! Finance, last year a similar vote was approved by only 27% of shareholders from Netflix. Meanwhile, the WGA is also putting pressure on Comcast Corp , since the group is slated to hold its annual shareholder meeting next Wednesday, June 7.
Stick with Collider to find out news about the ongoing strike as soon as they get announced. Check out the full statement from Writers Guild of America West below:
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