Reuters

Proxy advisers split on FedEx CEO Smith’s pay

Proxy advisers Institutional Shareholder Services Inc (ISS) and Glass Lewis & Co gave diverging recommendations to investors on voting on FedEx Corp CEO Fred Smith’s $54 million pay package, after a labor union challenged the plan. The pay package for Smith, a billionaire, faces a challenge at FedEx’s annual shareholder meeting later this month after labor union the International Brotherhood of Teamsters said the company’s decision to cancel a bonus program while giving him an option award instead, only to then re-instate the bonus program, amounted to double-dipping. ISS said in a report released on Sunday that “cautionary support” was warranted because Smith’s awards have not led to a misalignment of pay and performance.

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