More large shareholders vote against excessive CEO pay [updated]

More large shareholders – including large asset managers and pension funds – are voting against CEO pay packages, according to US non-profit As You Sow.

However, although shareholders have become more successful in voting down excessive pay proposals, overall CEO remuneration has continued to rise, the organisation said.

Its fifth annual report included a survey of CEO remuneration at companies listed on the S&P 500, which revealed that average pay for an S&P 500 CEO rose from $11.5m (€10.1m) in 2013 to $13.6m in 2017. The highest paid chief executives were at infrastructure company CSX Corporation ($151m) and software firm Broadcom ($103m).