Netflix Exec Pay Rejected Amid Strike

Netflix ($NFLX @US) shareholders have chosen not to support the company's executive pay package in a non-binding vote, following a call by striking Hollywood writers to reject the proposed 2023 compensation. The Writers Guild of America West argued that such a vote would be inappropriate during the ongoing strike. The union had sent a similar letter to Comcast Corp, the parent company of NBCUniversal. The union's president emphasized that if Netflix could afford to spend over $166 million on executive compensation last year, it should be able to allocate $68 million per year to improve compensation for writers. Since then, Netflix has changed executive compensation, including instituting a salary cap for its co-chief executives and implementing a performance-based bonus plan. The union has used executive compensation in its talks with media companies as a negotiation issue.