(Bloomberg) — Chubb Corp. shareholders opposed an $80 million golden parachute payment for Chief Executive Officer John Finnegan, who struck a deal to sell the insurer to Ace Ltd.
About 61 percent of voting shareholders said no to the pay packages for Finnegan and his deputies in the non-binding, advisory measure, according to a filing Thursday from Warren, New Jersey-based Chubb.
Institutional Shareholder Services Inc. advised investors to reject the golden parachute arrangement, which would include a $23 million tax reimbursement for Finnegan. He'd be eligible for the package if he's terminated or voluntarily resigns because of a demotion after the deal is completed. The parachute would also include about $24 million in cash and $33 million in equity.
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