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AstraZeneca weighs linking CEO pay more closely to sales target

Mon, 14th Mar 2016 08:29

LONDON, March 14 (Reuters) - AstraZeneca is lookingat ways to link pay for Chief Executive Pascal Soriot and othertop managers more directly to the drugmaker's target ofachieving revenue of $45 billion by 2023, a company spokesmansaid on Monday.

Soriot successfully fought off a $118 billion takeoverattempt by Pfizer in 2014, in part by promising a morethan 70 percent jump in sales within a decade. But many analystsremain uncertain about that target and the UK firm's shares arelanguishing well below Pfizer's offer price.

That has led some shareholders to demand that the long-termincentive (LTI) plan for Soriot and his team be linkedexplicitly to the 2023 revenue goal.

"Some shareholders have stated they would like to see adirect link between executive pay and the 2023 revenue targetbut that is not necessarily the view of the majority," anAstraZeneca spokesman said.

"However, the remuneration committee will continue toevaluate ways in which a more transparent link can be madebetween executive LTI arrangements and the 2023 revenue target.

"They will continue to consult with major shareholders andshareholder representative bodies on proposals to furthersimplify our LTI plans for the future where practicable."

The Sunday Times newspaper, citing unidentified sources,said more than 20 percent of AstraZeneca shareholders mightreject Soriot's current remuneration package at the company'sannual meeting at the end of April.

Concerns about AstraZeneca's performance were heightenedlast month when the company warned that revenue and earningswould drop this year. (Reporting by Ben Hirschler; editing by Susan Thomas)

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