Allstate Says CEO’s Pay Justified as Insurer Prepares for Vote
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Allstate Corp., the biggest publicly traded U.S. home and auto insurer, told a proxy advisory firm that Chief Executive Officer Thomas Wilson’s pay last year was justified as it braced for a vote on compensation.
“Our compensation program is overseen by our independent board members and should be supported,” Northbrook, Illinois-based Allstate said in a letter to Institutional Shareholder Services Inc., disclosed today in a regulatory filing. The methodology used by ISS to value Wilson’s stock options “undermines the credibility of its analysis and vote recommendations and is potentially misleading to investors.”