Shareholders of Tutor Perini Corp. have rejected its executive pay package for the fifth year in a row. At its annual meeting on Wednesday, only 35 percent of voting shareholders supported the Sylmar construction company’s proposed compensation plan for top executives – down from 44 percent who supported the pay package last year.
A Wall Street Journal blog that first reported the results of the vote called it a record, with no other company failing the “say-on-pay” shareholder vote five years running. The vote is non-binding but allows shareholders to express approval or disapproval of the compensation of a company’s chief executive, chief financial officer and at least three other of the most highly compensated executives. It was established in 2011 by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“This company has a systemic disconnect between pay and performance, and we hope going forward that investors hold the board accountable,” Mike McCauley told the Journal, which identified him as a senior investment officer at a Florida state pension fund that has voted against the compensation package.
Chief executive Ronald Tutor’s pay, at $25.6 million last year, was singled out for criticism. He owns roughly 20 percent of the stock. The company did not return calls for comment on the shareholders’ vote.
Shares closed Thursday down $1.05 or 4.8 percent to $20.88 on the Nasdaq.
Universal Studios is getting explosive with its newest water park.
Universal Orlando Resort announced on Thursday a new attraction called Volcano Bay that is scheduled to open in 2017 and features water slides, wave pool and river rapids.
The park has already broken ground on its 53-acre Cabana Bay Beach Resort. It will join Universal Studios Orlando and Islands of Adventure as the Florida park’s main attractions.
Universal Orlando is part of Universal Parks & Resorts, a unit of Comcast NBCUniversal, with west coast operations in Universal City.
“The park will feel as if it is set in picture-perfect tropical islands, formed by a massive volcano – and it will have something for every member of the family,” a post on Universal Orlando’s blog stated.
Universal currently owns and operates theme parks in Universal City and Orlando, and has licensing deals on parks in Japan and Singapore.