Deals
Snap’s IPO Investors Will Have No Say on Executive Pay
- New shareholders can attend annual meetings, not vote
- Co-founder Evan Spiegel’s total pay was $2.4 million in 2016
A job seeker takes a Snapchat photo with Snap Inc. representatives during the TechFair LA job fair in Los Angeles on Jan. 26.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Investors buying into Snap Inc.’s much-anticipated initial public offering won’t have any say on how much the company pays its executives.
Snap will not be subject to the say-on-pay provisions of the Dodd-Frank Act, the company said in an updated deal prospectus Thursday. The act was put in place after the 2008 financial crisis to help investors throttle outsized pay packages by requiring advisory votes on pay plans.