The investment group CtW has spoken out against the terms of Activision Blizzard CEO Bobby Kotick’s contract extension, arguing that a number of other unaddressed provisions more than make up for any pay lost in Kotick’s recent 50 percent salary reduction and urging shareholders to vote against the package.
Kotick did notably took a seemingly sizable salary reduction for both fiscal 2021 and 2022, dropping his annual base pay from $1.75 million to $875,000.
The threshold for the Shareholder Value Creation Inventive, for example, has already been met by Activision Blizzard, meaning Kotick’s actual income won’t see a meaningful reduction in 2021.
That shift was announced just a few months ago, but the investor group say that a short-term reduction in salary doesn’t address longstanding shareholder concerns with how much Activision Blizzard pays its executives.