(Reuters) - McDonald's Corp (MCD) shareholders on Thursday overwhelmingly approved an advisory measure on executive pay at the fast-food chain, where Chief Executive Officer Don Thompson took home total compensation of $9.5 million in 2013.
Nearly 94 percent of shares were voted in favor of the measure, the company said at its annual meeting in Oak Brook, Illinois. With their non-binding vote, shareholders approved how much compensation McDonald's executives received as well as the formulas used to calculate that pay.
The vote came as the chain wrestles with market share losses to U.S. rivals, profit-squeezing spikes in beef costs, criticism from some parents and public health experts over its food and advertising, and noisy protests over the low pay of hourly workers.
Chipotle shareholders offered a scant 23 percent support for a similar advisory pay proposal on May 15. Steve Ells and Monty Moran, co-CEOs of the popular burrito chain, received total 2013 compensation of $25.1 million and $24.4 million, respectively.
Shares in McDonald's were roughly unchanged at $102.53 in morning trading on the New York Stock Exchange.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Jeffrey Benkoe and Tom Brown)
- Investment & Company Information