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In Minnesota, the Pioneer Press reports that shareholders attending Supervalu’s annual meeting yesterday voted to approve a “say on pay” resolution that gives stockholders an advisory vote – but not a veto - on executive compensation packages.

The company’s board of directors had recommended that the resolution be defeated, and outgoing CEO Jeff Noddle said that it was “"unnecessary and would put the company at a competitive disadvantage."

According to the story, “The proposal was introduced by a small Colorado shareholder, Gerald Armstrong, who in a proxy complained about Supervalu's use of ‘golden parachutes, golden coffins, financial consulting and tax planning benefits, use of corporate aircraft and stock options’.” But Noddle, who got $4.1 million in total compensation in the last year but did not get a bonus because the company did not meet agreed-upon performance metrics, said that the compensation committee has been “very diligent over the years.”
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