Post-Shire buy, Takeda investors want executives to return pay if performance lags

fiercepharma | July 03, 2019

Post-Shire buy, Takeda investors want executives to return pay if performance lags
Takeda wrapped up its $60 billion Shire takeover early this year with massive support from shareholders, despite previous resistance. But the weight on the deal's mastermind, Takeda CEO Christophe Weber, is far from over. At the company's general meeting last week, the majority of Takeda investors backed a proposal that would allow Takeda to claw back executive pay should the Shire deal not live up to expectations. Though 52.2% of attending shareholders voted in favor of the new clause, it fell short of the two-thirds majority needed to move through, according to a securities filing posted on Tuesday. Still, it’s a clear sign that investors intend to keep members of management responsible for their major decisions. The proposal didn’t specifically name Shire, but it referred to “excessive investment in the past” in general. If an impairment loss arises later that renders the compensation amount under the long-term incentive plan incorrect, or if the indicators for performance-based pay are erroneous, the pay package should be recalculated and the difference be returned, it says. In the previous fiscal year that ended in March, Weber racked up 1.76 billion yen ($16.3 million) in total pay, with about half from long-term incentives, according to Takeda’s just-filed annual report. Those figures are on par with Celgene CEO Mark Alles’ $16.2 million for the 2018 calendar year.

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