05:10 AM EDT, 06/07/2024 (MT Newswires) -- Netflix ( NFLX ) shareholders have voted to recommend approval of an executive compensation package that would give its two chief executives up to $40 million each, The Wall Street Journal reported Thursday.

The outcome of the vote is nonbinding, the report said.

A year earlier, the shareholders rejected a proposed compensation package, which allowed executives to choose how to allocate pay between cash and stock options, according to the report.

Under the new plan, which set fixed base salaries for executives and allowed grants of time- and performance-based restricted stock units instead of options, co-CEOs Ted Sarandos and Greg Peters are expected to each receive a $3 million base salary, $6 million in potential bonuses and grants of up to $31 million in restricted stock, the report said.

Also under the plan, Executive Chair and former co-Chief Executive Reed Hastings will receive a base salary of $100,000 and other named executive officers will earn $1.5 million in base salary, The Journal reported.

Netflix ( NFLX ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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