The majority of Ameriprise Financial shareholders — 75% — gave a thumbs-down to the firm’s executive pay plan for 2017. The financial services firm acknowledged the nonbinding vote in a recent filing with the Securities and Exchange Commission.
The vote was roughly 86 million to 29 million with about 4.5 million abstentions.
“Our average Say on Pay result over the past five years is 91.7%, and we have never had below 80% support on this advisory vote,” Ameriprise said in an earlier filing.
According to this report, CEO James Cracchiolo’s general, or summary, compensation rose from roughly $15 million in 2016 to about $22 million in 2017; his supplemental compensation grew from about $17 million in 2016 to roughly $28 million in 2017.