HILVERSUM, The Netherlands (CelebrityAccess) — On Thursday, Universal Music Group held its Annual General Meeting of Shareholders who officially voted to re-appoint Sir Lucian Grainge as Executive Director for the next five years.
Shareholders also voted to approve a new compensation package that will see his annual salary reduced by more than two-thirds to a paltry $5 million but he will be eligible for an annual performance bonus with a target of $10 million.
Additionally, the includes an annual equity grant of $20 million with half coming from Performance Share Units (PSUs)—with annual PSU goals set by the Board of Directors—and the remainder comprised of Restricted Share Units (RSUs).
Grainge will also receive a one-time transition equity award of $100 million, of which 50% will be in the form of RSUs and 50% in the form of Performance Stock Options (PSOs).
Shareholders also voted for the re-appointment of Sherry Lansing and Luc van as Non-Executive Directors and elected the Israeli-American media mogul, philanthropist, and businessman Haim Saban as Non-Executive Director.
Notably, UMG’s shareholders did not vote to re-elect Anna Jones as Non-Executive Director and her current term will end in 2024.