Netflix shareholders have made a major financial move amid the ongoing Writers Guild of America strike. The reports revealed on Thursday that Netflix shareholders voted against approving proposed pay packages for the company’s executives, including CEOs Ted Sarandos and Greg Peters. The vote reportedly took place at the company’s annual shareholder meeting on June 1, after the vote was unanimously recommended. However, the vote was reportedly a non-binding measure that could eventually be ignored by the Netflix board of directors anyway. In a letter on Tuesday, the WGA asked investors to vote against the proposal — but according to reports, many votes had already been cast before that letter was published.
“Shareholders should write a letter to Netflix if the company can spend $166 million on executive compensation last year, and it can pay the $68 million annually that the writers are asking for in contract improvements,” Meredith Steam, WGA West president, wrote in the letter, before adding. and put an end to the disruptive strike.”
Why is WGA so eye-catching?
The WGA cited a slew of reasons for the strike, which began on May 1 and is already beginning to affect the larger industry. The federation hopes to see improvements in residue from streamed media, as well as additional benefits and safeguards against artificial intelligence potentially being used to write stories in place of real writers.
The WGA said in “Although we negotiated intent to strike a fair deal—and though your vote to strike gave us the leverage to make some gains—the studio’s responses to our proposals were not wholly adequate, given the existential crisis the writers were facing”. Statement on May 1st. “We must now exercise maximum leverage to obtain a fair contract by withholding our work.”
The statement continued, “The WGA’s Negotiating Committee initiated this process with the goal of a fair deal, but the responses from the studios have been wholly inadequate given the existential crisis the writers are facing. The companies’ behavior has created a work-based economy within the unionized workforce, and their unwavering position in this Negotiations have demonstrated their commitment to further devaluing the writing profession, from refusing to guarantee any level of weekly employment on episodic television, to establishing a “daily rate” in a variety of comedies, to stalling free work for screenwriters and AI for all writers. They closed the door on the workforce and opened the door to writing as a completely independent profession. This membership could never contemplate such a deal.”
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