Simon Property Shareholders Nix $121.5M Exec Salary Plan

Law360, New York (May 21, 2012, 3:33 PM EDT) -- Shareholders for real estate investment trust Simon Property Group Inc. rejected an executive compensation plan that proposed to give CEO David Simon a $1.25 million salary and 1 million shares worth $119.9 million, according to investor documents filed on Monday.

More than 186 million of the 271.5 million shareholders voted against the plan at the company's annual meeting on Thursday, according to a filing with the U.S. Securities and Exchange Commission. While the base salary is part of Simon's existing compensation plan and will continue to...
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