BlackRock CEO Larry Fink is the latest targeted executive for the Proxy Advisor ISS.

• Black Rock The latest Wall Street giant Approving an executive wage plan criticized by the institution’s shareholder services or Glass Lewis. Proxy advisors recommended for large investors are jpmorgan chain With CEO Jamie Dimon Tesla CEO Elon Musk.

BlackRock believes in CEOs Larry Fink He won his $36.7 million salary package after leading the world’s largest asset manager A year of huge hit 2024. Globe’s biggest proxy advisor doesn’t necessarily disagree, but it still encourages shareholders to vote against the BlackRock company’s executive compensation plan. Annual General Meeting May 15th.

BlackRock is the latest Wall Street giant to get negative voting recommendations from institutional shareholder services. ISSwhich asks clients to vote on proposals, big or small. Executive Paycorporate governance, and other issues. Both ISS and competitor Grasslewis recently recommended that shareholders vote against Reward Package For Goldman Sachs leaders, investor support has fallen to its lowest level in nearly a decade. However, the votes known as voting on investors’ pay are non-binding and simply tell the business committee whether investors think the compensation decision they made is giving a thumbs up or lowering their thumbs.

For BlackRock, Fink is 33% more than the $26.9 million awarded in 2023. According to To the regulatory submission. His base salary was $1.5 million, but his cash bonus increased from $7.9 million to $10.6 million. Meanwhile, his total equity award jumped from $16.4 million to $24.6 million.

The ISS said these figures are not a problem, but the proxy advisor believes BlackRock is not responding appropriately to investor concerns raised last year. Only 59% of shareholders ratified the company’s executive salary plan in a non-binding vote last May. It was a dramatic decline, the company admitted in it Proxy Statementwhich is related to the average 93% support received over the past decade.

“BlackRock has a long-standing performance culture, and our executive compensation program employs a metric-driven approach that matches rewards with successful long-term business goals on behalf of shareholders,” the company said in a statement provided. luck.

The company also said 2024 was a record year of revenue, operating profit and net inflows from investors.

“We value the opinions of our shareholders,” the company added. “And I look forward to continuing involvement.”

In a statement in the proxy statement, BlackRock said it met executives and investors of its 50 largest shareholders, accounting for around 65% of the company’s outstanding shares, in order to address concerns after the vote last year. The company acknowledged negative feedback on one-off option awards for multiple executives, with none being recognized in 2024.

However, that was not sufficient for the ISS, but the company said it had no commitment related to the use and design of the awards in the future. The proxy advisor also said investors deserve more clearly how annual cash incentives are calculated.

“The committee’s response to the low voting outcomes last year is considered limited, and support for pay and payment proposals is not justified,” the ISS said. luck.

The proxy advisor also frowned upon BlackRock’s plan to begin paying Fink for the share of profits earned by the company’s flagship private equity fund. “I’m interested“It’s a payment method for most PE executives. Given the company’s position as the top five alternative asset manager, BlackRock said CEO pay should be related to the performance of private assets of around $600 billion.

The changes have not been reflected in Fink’s package this year, but the ISS said it will create additional complexity when assessing future pay.

“There is no indication that the CEO’s carry incentive is intended to offset some of the current pay opportunity based on proxy disclosures,” the ISS said.

When it reached the comment, BlackRock said that Glass Lewis recommended shareholders vote along with management on Monday on all issues. Glass Lewis didn’t respond immediately Fortune Request a comment or copy its report to the client.

Jamie Dimon, Elon Musk Dedride Proxy Advisors

Both representative advisors recommended shareholders vote against the compensation package for Goldman Sachs executives, including CEO Davidsolomon and his estimate. successorJohn Waldron. Only 66% of shareholders voted in favor of the plan. The lowest level of support since 2016, Financial Times It has been reported. Opponents included the world’s second largest Norwegian sovereign wealth fund and Calstrs Pension Fund.

The wage plans of US banks did not see such low support. ftSince 2022, two-thirds of JPMorgan Chase’s shareholders have been It was rejected A package for CEO Jamie Dimon, including a special $50 million award.

Dimon and Tesla CEO Elon Musk, he proposes Reward Package It was set on fire for a long time Legal The challenge, of course, is a fierce critic of both ISS and Glass Lewis, accounting for more than 90% of the market for their services.

JP Morgan head said at a meeting in March that he called both proxy advisors “incompetent” and urged businesses to escape from the suffocating regulatory environment of the open market.

Meanwhile, Musk compared the ISS to ISIS, a terrorist organization known as the Islamic state. $56 billion Pay for the package in 2024. The proposal was then discontinued. Two times By a Delaware judge, prompt Masks will reconfigure the EV maker in Texas.

This story was originally introduced Fortune.com