Shareholders Back BNY Mellon Pay Structure

Attempts by the AFL-CIO Reserve Fund to force BNY Mellon executives to hold onto their company shares for at least two years after leaving the company was defeated by shareholders
By None

Attempts by the AFL-CIO Reserve Fund to force BNY Mellon executives to hold onto their company shares for at least two years after leaving the company was defeated by shareholders with 69% voting against at the companys 2009 annual meeting.

The proposal by the USD23.9 million fund aimed to tie executive interest with the interests of other shareholders and help guarantee long-term growth.

According to BNY Mellon spokesperson Joseph F. Ailinger Jr, Bank of New York Mellon shareholders also approved the compensation of top executives in an advisory say-on-pay vote.

Shareholders were also required to vote on executive compensation in 2008, as required by the American Recovery and Reinvestment Act of 2009 for companies receiving Troubled Asset Relief Program funds. Shareholders backed pay levels with 96.44% in favor.

CEO Robert Kelly received USD13.3 million last year, including USD9.7 million in stock and options.

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