(Bloomberg) — Chubb Corp. shareholders opposed an $80 million golden parachute payment for Chief Executive Officer John Finnegan, who struck a deal to sell the insurer to Ace Ltd.
About 61 percent of voting shareholders said no to the pay packages for Finnegan and his deputies in the non-binding, advisory measure, according to a filing Thursday from Warren, New Jersey-based Chubb.
Institutional Shareholder Services Inc. advised investors to reject the golden parachute arrangement, which would include a $23 million tax reimbursement for Finnegan. He'd be eligible for the package if he's terminated or voluntarily resigns because of a demotion after the deal is completed. The parachute would also include about $24 million in cash and $33 million in equity.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
