Shareholders of Tim Hortons' parent company Restaurant Brands International (QSR) have approved a $116.7 million U.S. pay package for the company’s executive chairman.
Shareholders of the Toronto-based quick service restaurant company voted 75% in favor of a compensation package that will see Executive Chairman Patrick Doyle paid more than $100 million U.S. over the next five years.
Shareholders supported the pay package over the public objections of two major proxy advisory firms, Institutional Shareholder Services and Glass Lewis.
Patrick Doyle, the former chief executive officer (CEO) of Domino’s Pizza (DPZ), was appointed executive chairman of Restaurant Brands International last November.
Doyle will not receive a salary or participate in the company's annual bonus program. However, his signing bonus and stock options will total $116.7 million U.S. over the next five years.
In addition to Tim Hortons, Restaurant Brands International, commonly known as “RBI,” also owns Burger King, Popeyes and Firehouse Subs.
Restaurant Brands International’s shareholders also voted to support all 10 directors on the company's board.
Glass Lewis had urged shareholders to vote against four members of the board due largely to the compensation package offered to Doyle.
Restaurant Brands International’s stock has risen 11% in the six months since Doyle joined the company.
