Live Nation shareholders voted against the ratification of selected executives' salary requests, including its CEO Michael Rapino's whopping $139 million salary package.
The live music giant has had a rough year as they have encountered heavy criticism, congressional pressure, and even an executive investigation because of the questionable merger it had with Ticketmaster.
The company is now under the microscope of the federal government and public scrutiny.
Live Nation Shareholders Reject Execs Salary
According to a Billboard report, more than 53% of Live Nation shareholders rejected the compensation packages of Live Nation CEO Michael Rapiono and other company top executives.
This included Chief Financial Officer Joe Berchtold, Chief Accounting Officer Brian Capo, Executive Vice President John Hopmans, and General Counsel Michael Rowles.
This was a stark contrast to the 2020 shareholder meeting, where all of them received a 94% agreement from the shareholders.
Per the publication, rebukings like these were "rare," but it was quite expected given the fiasco that Live Nation and Ticketmaster were responsible for on the Taylor Swift "The Eras" tour in November 2022.
A proxy statement from Live Nation stated that they believe the compensation program they have is "reasonable, competitive and strongly focused on pay for performance principles."
"We believe that the fiscal year 2022 compensation paid to our named executive officers was appropriate and aligned with Live Nation's fiscal year 2022 results," they said in a statement.
Supposedly, Rapino is expected to earn $139 million this year.
READ ALSO : Live Nation Wants Ticketmaster, Artists To Charge 'A Bit More' Despite Controversies, Investigations
Live Nation Heeds White House Call To Remove Hidden Fees
Earlier this month, President Joe Biden implored ticketing companies and giants like Ticketmaster and Live Nation to remove hidden fees in the checkout process of tickets.
"The solution is what is called 'all-in pricing,' and that's where companies fully disclose their fees up front, when you start shopping, so you're not surprised at the end when you check out," Biden said in a White House event.
According to Live Nation Venues President Tom See, they will be following President Biden's pronouncements, saying that they will "continue advocating for innovations and reforms that protect that amazing connection."
The Biden Administration has recently proposed the "Junk Fee Protection Act," an act seeking to eliminate excessive fees in online concerts, sporting events, airline fees, TV termination fees, phone and internet service fees, and even surprise resort and destination fees.
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