Axa Shareholders Approve CEO’s 20% Pay Increase at AGM

Axa SA shareholders approved a 20% increase in pay for Chief Executive Officer Thomas Buberl, even as proxy adviser Institutional Shareholder Services advised against doing so.

Shareholders voted 77.7% in favor of the package proposed by the firm’s board of directors at the annual general meeting on Thursday. Buberl, whose term as director was also renewed to 2026, will see total pay jump to 6.9 million euros ($7.3 million).

Earlier this month, Institutional Shareholder Services questioned the CEO’s raise as the insurer provided insufficient rationale to justify a package above what it said was the median for the industry. ...