Novartis shareholders accept new pay system despite opposition

BASEL Fri Feb 22, 2013 7:42am EST

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BASEL Feb 22 (Reuters) - Some 20 percent of shareholders rejected drugmaker Novartis' new compensation system, showing anger still runs high even after outgoing chairman Daniel Vasella relinquished a $78 million payoff.

In a non-binding vote on the new compensation system, 78 percent of shareholders voted in favour, while 20 percent were against.

Geneva-based shareholder group Ethos had called on shareholders to reject the new framework, saying the variable pay component for Chief Executive Josepht Jimenez is excessive. (Reporting by Caroline Copley)

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