Allstate Corp. (ALL:US) shareholders approved the insurer’s executive pay plan after Chief Executive Officer Tom Wilson addressed concerns from investors following the proposal’s near defeat last year.
More than 90 percent of investors who cast ballots approved management’s proposal on compensation of executive officers, Allstate said today in a statement on its website. The non- binding resolution was rejected by more than 40 percent of Allstate’s shareholders voting last year.
Executives including Citigroup Inc. CEO Vikram Pandit are facing pressure from shareholders on pay. Allstate embarked on a “listening tour” to hear investor concerns and had more conversations after last year’s results, Wilson, 54, said in a phone interview today following the Northbrook, Illinois-based company’s annual meeting. The company also made changes to its executive compensation plan, some of which took effect this year.
The increased level of conversation with shareholders “has been a good thing for us,” Wilson said. “It helps us understand what our owners want.”
Wilson, who presided over his fourth annual stock decline (ALL:US) in five years as CEO, was given total compensation of $11.2 million for 2011, up 20 percent from the previous year, the company said in a March 9 regulatory filing. His pay included $1.1 million of salary, $2.31 million of stock awards and $4.29 million of option awards.
Allstate, the largest publicly traded U.S. home and auto insurer, slipped 1.1 percent to close at $32.84 in New York. The shares have rallied 20 percent this year, compared with the 4.7 percent gain in the Standard & Poor’s 500 Index.
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