Wyeth shareholders support pay proposal |
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Thu, 26 Apr 2007 22:31
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TRENTON, N.J. (AP) - Wyeth stockholders on Thursday approved a shareholder proposal urging the drug maker to try to recoup bonuses or other incentive payments given to top executives later found not to have met business performance targets.The vote was taken at the Madison, N.J.-based company's annual meeting near its headquarters. Wyeth said in a statement it 'will be taken under advisement and reviewed by the company.'Wyeth, the maker of popular antidepressant Effexor and consumer products such as Centrum vitamins and Advil pain reliever, said it would not disclose totals on that vote or on other proposals for at least 48 hours.Wyeth said preliminary vote totals indicated all other shareholder proposals were defeated. They included calls for the company to disclose its animal welfare policy, to separate the positions of chairman and chief executive, and to give stockholders an advisory vote on executive compensation.Shareholders did vote to elect Wyeth's slate of 13 board members and supported two company proposals. One will allow a simple majority of shares voted, rather than the 80 percent now required, to approve changes such as removing a board member and amending bylaws. The other amended Wyeth's 2005 stock incentive plan to comply with tax laws.Chief Executive Officer Robert Essner told the stockholders the company last year surpassed $20 billion in revenue for the first time. He said that came partly from 'solidifying our position as a leading biotech company,' with a 23 percent increase in revenue from biotech products such as arthritis treatment Enbrel, which Wyeth jointly markets with Amgen Inc.Wyeth's shares closed down 12 cents at $56 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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FDA asks Wyeth for more drug study data 