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\n\tUniversal Music Group (UMG) shareholders approved CEO Lucian Grainge<\/strong>\u2018s 138.8 million euros ($128 million) compensation package from 2023 in a nonbinding advisory vote at the company\u2019s annual general meeting in The Netherlands on Thursday (May 16).<\/p>\n \n\tA majority of investors voted to approve all proposals up for a vote this year, including the reappointment of billionaire Bill Ackman<\/strong>, Cyrille Bollore<\/strong> and others as non-executive directors despite criticism from <\/a>shareholder advisory groups Glass Lewis, who last month called UMG\u2019s pay practices excessive and said the board lacked independence.<\/p>\n \n\tAdvisory shareholder votes like these are only advisory and not enforceable, but they are closely watched as indicators of investors\u2019 feelings on a company\u2019s pay policies and the people who make up their boards. Anytime a significant percentage of investors expresses disapproval, which Glass Lewis defines as 20% or more, directors consult with shareholders about how to make internal changes to address their concerns.<\/p>\n