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Morgan Stanley shareholders side with board at annual meeting

Morgan Stanley shareholders side with board at annual meeting
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PURCHASE, N.Y. (Reuters) – Morgan Stanley shareholders sided with the company’s board on all votes taken at their annual meeting on Thursday, electing the slate of directors and endorsing the company’s compensation of top executives.

All of the board nominees received at least 98 percent of votes cast and some 96 percent approved of executive pay, according to preliminary results announced at the end of the formal part of the meeting.

Chief Executive Officer James Gorman was paid $27 million for 2017, up 20 percent from the year before.

A shareholder proposal to prohibit vesting of stock awards for senior executives who resign to work for the government received was opposed by the board and received about 20 percent of votes cast. The measure had been proposed by an investment fund of the AFL-CIO labour organisation.

(Reporting by David Henry in Purchase, New York.; Editing by Chizu Nomiyama)

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