By Nina Kienle

AstraZeneca's remuneration policy has been approved with low shareholder support at the annual general meeting.

The pharmaceutical giant said Thursday that resolution seven to approve the directors remuneration policy received 64% of votes cast.

The company said it will continue to engage with shareholders to explain the need for global benchmarks and pay for performance, which is driven by the policy.

AstraZeneca added that resolution six to approve the 2023 remuneration report received 95% of votes cast.

Under the 2023 remuneration report, Chief Executive Pascal Soriot and Chief Financial Officer Aradhana Sarin will get an annual bonus of 79.5%, equivalent to 198.75% and 159% of base pay respectively.

Soriot's base salary for 2024 is set at GBP1.485 million, up from GBP1.43 million in 2023, while Sarin's is GBP951,494 compared with GBP915,000 in 2023.

For the year ahead, the remuneration committee proposes to increase Soriot's target annual bonus to 150% of base pay increasing his maximum annual bonus entitlement to 300% from 250%. Sarins' target annual bonus is unchanged at 100% of base salary with a maximum entitlement of 200%.

Under the proposal, half of any earned bonus will be deferred into shares for three years, according to the remuneration committee report.

Write to Nina Kienle at

(END) Dow Jones Newswires

04-11-24 1358ET