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Popular board proposes tweaks to director election rules

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Popular board proposes tweaks to director election rules

Popular Inc. shareholders on May 8 will vote on the rules for director elections at the Hato Rey, Puerto Rico-based company.

The board proposes that director nominees in uncontested elections continue to win through a majority vote. However, if the number of nominees exceeds the number of vacant board seats, a plurality voting standard will be used going forward.

In addition, a vote to abstain currently counts as a negative vote. The board wants to change this so that votes to abstain have no impact on election results.

Popular additionally disclosed a 2017 CEO pay ratio of 83 to 1. President and CEO Ignacio Alvarez received $2.9 million in total compensation that year. The median of all other employees was $34,287.

Alvarez was not CEO for all of 2017, having started in the role July 1, 2017. If he had been president and CEO for the entire year, Popular calculates an annual compensation of $3.5 million and a corresponding pay ratio of 103 to 1.