Crisis-ridden Boeing hopes for quiet annual meeting

Core Viewpoint - Boeing is facing significant challenges as it prepares for its annual meeting, where shareholders will vote on the reelection of CEO Dave Calhoun to the board, amid ongoing safety and quality control issues [1][2]. Group 1: Shareholder Concerns - Shareholder advisory firms, including Glass Lewis and Investor Shareholder Services (ISS), have recommended against Calhoun's reelection and his compensation package, citing concerns over the company's safety culture and oversight [2][3]. - Glass Lewis emphasized the need for shareholders to send a message regarding the board's handling of safety issues, urging a vote against Calhoun and other key directors [3][4]. - ISS has specifically called for a "no" vote on Calhoun's executive pay package, which totals approximately $33 million for 2023, including a base salary of $1.4 million and over $30 million in stock awards [2][4]. Group 2: Executive Compensation - Calhoun's compensation package has faced scrutiny, particularly due to a third consecutive increase in his potential long-term incentive award, which ISS argues is unjustified given the company's recent challenges [5][6]. - Boeing defended the increase in Calhoun's compensation by referencing his navigation of previous crises, including the return of the 737 MAX and the impact of the COVID-19 pandemic [5][6]. - Despite the company's defense, ISS dismissed the rationale for the pay increase as "not particularly compelling," especially in light of the recent safety incidents [6].