At Hospital Corporation of America's annual meeting, an overwhelming amount of shareholders — roughly 98 percent — approved the pay packages of the company's top executives in a nonbinding vote.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, publically traded companies must provide shareholders with an advisory, though nonbinding, vote on executive compensation. The measure is more commonly known as "say-on-pay."
More than 358 million shareholders casted a vote in favor of the 2012 compensation packages for the Nashville, Tenn.-based hospital company, while 7.3 million voted against them.
HCA Chairman and CEO Richard Bracken's compensation totaled more than $46 million, one of the biggest, single-year payouts ever given to a for-profit hospital executive. HCA President and CFO R. Milton Johnson received more than $27 million in pay. Most of the compensation for HCA's top brass came in the form of vested stock options.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, publically traded companies must provide shareholders with an advisory, though nonbinding, vote on executive compensation. The measure is more commonly known as "say-on-pay."
More than 358 million shareholders casted a vote in favor of the 2012 compensation packages for the Nashville, Tenn.-based hospital company, while 7.3 million voted against them.
HCA Chairman and CEO Richard Bracken's compensation totaled more than $46 million, one of the biggest, single-year payouts ever given to a for-profit hospital executive. HCA President and CFO R. Milton Johnson received more than $27 million in pay. Most of the compensation for HCA's top brass came in the form of vested stock options.
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