×

McKesson shareholders vote against exec pay structure

July 26 (Reuters) - McKesson Corp shareholders voted against the company's executive pay policy, following a shareholder campaign that criticized the drug wholesaler for its role in the U.S. opioid drug epidemic.

Three U.S. state treasurers and the International Brotherhood of Teamsters campaigned against McKesson's executive pay practices and urged it to appoint an independent chairman.

McKesson Chief Executive John Hammergren was paid more than $20 million for the year ended March 31, despite its record $150 million settlement paid to resolve a U.S. probe into whether it failed to report suspicious orders of addictive painkillers.

The company said on Wednesday all board vote recommendations were upheld, except for the advisory vote on executive compensation in its annual shareholder meeting.

"The Compensation Committee will conduct a thorough review of the current executive compensation plan and consider implementing changes that further drive alignment between incentives and shareholder value," the company said.

McKesson also said it would split the role of chairman and CEO in the future, commencing with the company's next CEO.

McKesson shares were down 1.6 percent at $164.93.

(Reporting by Tamara Mathias and Ankur Banerjee in Bengaluru; Editing by Martina D'Couto)