THE issue of executive pay is set to feature prominently at Cochlear's annual general meeting, with shareholder groups set to reject the awarding of options worth $1 million to chief executive Chris Roberts.
The Australian Shareholders' Association (ASA) says it will vote against the resolution, arguing $1 million worth of options was too big a grant.
"The CEO, Dr Chris Roberts, is already highly incentivised by way of equity alignment through his ownership of ordinary shares worth approximately $50 million," the ASA said in its published voting intentions.
"Such a large additional grant seems excessive and ASA will be voting undirected proxies against this particular proposal."
Other proxy advisory groups have also called on shareholders to vote against the resolution, which will be debated at Cochlear's annual general meeting in Sydney on Tuesday.
"During our engagement with Cochlear, it was acknowledged that some institutional investors have expressed concerns about the size and terms of this particular grant," the ASA said.
In August, the hearing device maker's net profit dropped to $56.8 million in the year to June 30 from $180.1 million in 2010/11, following the mass recall of Nucleus CI500 devices.
The stock finished Monday's local session down 31 cents, or 0.44 per cent, at $70.87.
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