DENVER - Shareholders have sent a message to Chipotle (CMG) over how the chain pays its top executives.
During the Mexican food chain's annual meeting in Denver on Thursday, 77 percent voted against Chipotle's executive pay plan. The vote is advisory and non-binding for Chipotle.
Last year, co-CEO Steve Ellis and Montgomery Moran were paid $25.1 million and $24.4 million, respectively.
A group that advises union pensions, CtW Investment, led the shareholder campaign to try to rein in compensation. CtW noted that the say-on-pay vote failed by the largest margin seen this year.
Chipotle spokesman Chris Arnold says the company takes the vote very seriously. He said having a compensation program that drives shareholder value has always been a "top priority."