Vanguard Group Inc said that it voted against the pay of Alphabet Inc executives including Sundar Pichai. This is one of the several examples of proxy voting the top mutual fund firm gave in a report released on Tuesday.
Vanguard said in the report that it “found a misalignment between pay and performance” and would have liked to see more long term compensation tied to metrics like relative total shareholder return.”
Vanguard has opposed to Albhabet’s executive pay in prior years. But like other fund firms lately, it has begun to disclose more details about its reasoning behind specific proxy votes.
The parent of search engine Google paid Pichai’s stock awards valued at $276.6 million for 2019, according to company’s proxy, accounting for nearly all compensation.
In an advisory ballot at Alphabet’s annual meeting in June, 25% of votes cast were against the pay.