Baltimore Business Journal - by Gary Haber, Staff
Shareholders of Stanley Black & Decker Inc. have given a thumbs down to pay packages for the company’s top five executives, including a $28.2 million package for its executive chairman, former Black & Decker CEO Nolan D. Archibald.
Shareholders, in a nonbinding vote, also rejected $32.7 million in compensation for CEO John F. Lundgren, as well as pay packages for three other top executives of the New Britain, Conn., tool giant, the company said in a Securities and Exchange Commission filing.
The vote represents one of the first times shareholders of a company have turned down pay packages for a company’s top leaders since the Dodd-Frank financial reforms gave shareholders of publicly traded firms an advisory “say on pay.”
The vote is merely a recommendation, however, meaning a company’s board of directors does not have to abide by it. Stanley did not say in the filing whether it plans to follow the shareholder recommendation.
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