Smith & Nephew shareholders balk at $3M in exec bonuses

Shareholders of orthopedic implant specialist Smith & Nephew ($SNN) voted by a narrow majority of 53% to oppose the company's 2015 remuneration report. The nonbinding vote won't actually change those management pay packages, but it is a bit of a symbolic protest. The $3 million was distributed amongst the company's top 60 executives. The allocation of the bonuses was in spite of the fact that the company's shareholder return lagged the median of its peer group, which is against company policy. The exception was made reportedly due to changes last year in Smith & Nephew's peer group of 18 companies--three of them were acquired, resulting in unusually sharp share price increases. WSJ article