Cellnex’s Pay Policy Challenged by Proxies Before AGM (Correct)

Two proxy advisers recommended voting against Cellnex Telecom SA’s proposed pay policy at the tower operator’s next shareholders meeting.

The incentive plan could lead to an “excessive” payout of as much as €14.5 million for incoming Chief Executive Officer Marco Patuano, Glass Lewis said in a research report. Institutional Shareholder Services also recommended that investors vote against the proposal, arguing the new policy does not “fully address shareholder concerns” raised last year.

More than a third of Cellnex shareholders voted against the remuneration policy in 2022, leading the board to remove a booster applicable to the CEO’s long-term ...