Clear Channel Shareholders Turn Down Exec Pay Challenge
April 28, 2006 at 6:25 AM (PT)
CLEAR CHANNEL shareholders rejected a proposal to revamp the company's board of directors' compensation committee despite criticism from large pension funds which hold shares in the company.
The proposal failed despite criticism at WEDNESDAY's shareholders' meeting by a representative from NEW YORK CITY public employee pension fund and last week's inclusion of CLEAR CHANNEL on CALPERS' "Focus List" of problem companies.
Responding to the criticism that he and his family got stock grants while the company performed poorly in 2005, CEO MARK MAYS said that there is a "perfect alignment" between the company's performance and compensation for himself and other executives.