Shareholders approved compensation for MicroStrategy chief executive Michael Saylor and the firm’s other officers with little protest Wednesday, despite criticism in recent months that Saylor has not done enough to improve the firm’s stock value.
Saylor will maintain his base salary of $875,000, which has held steady since at least 2011. He will also continue to collect a performance-based bonus that fluctuates from year to year, and totaled $4.1 million last year.
Saylor’s total compensation for 2013 clocked in at $6.8 million.
Saylor owns a controlling stake of MicroStrategy, giving him significant sway over decisions that must typically be approved by shareholders.
Some shareholders have voiced concern in recent months that Saylor’s lifestyle of lavish parties and exotic travel have taken his time and attention away from day-to-day operations at the business intelligence company. As a result, they argue, the stock price is undervalued.
MicroStrategy, in turn, defended Saylor. A spokesman said Saylor remains engaged as ever in the direction of the company, even when staying at his Miami mansion or vacationing on his yachts.
In addition to his base salary and bonuses, Saylor’s compensation package includes numerous perks. New for 2014, MicroStrategy will provide Saylor with up to $950,000 worth of security services.
Past benefits that have been renewed for 2014 include:
— Personal use of the company-owned Bombardier Global Express XRS aircraft for no more than 200 flight hours during the fiscal year. Saylor’s use of the company jet totaled $737,469 in 2013.
— Personal use of company-owned vehicles and drivers, as well as “alternate car services” for an amount not to exceed $100,000 in the fiscal year. Saylor’s use of company vehicles and alternative car services totaled $116,670 and $99,244, respectively.
— Tax advisory services related to filing foreign entity tax forms as required in connection with Saylor’s role as MicroStrategy’s controlling stockholder. Those services were valued at $65,000 last year.
— Rent-free office space for Aeromar Management, the parent company of Saylor’s side businesses, including a luxury yacht chartering company he debuted earlier this year. The lease was valued at $5,269 for 2013.
— Monthly membership dues to a business club near MicroStrategy’s Tysons Corner headquarters. The total cost for 2013 was $2,410.
— Personal use of the company’s catering services for an amount not to exceed $25,000 during the fiscal year. No expenses were incurred for such services last year.
— Events, outings and other entertainment functions at which Saylor can host personal guests at amount not to exceed $75,000 during the fiscal year. No such expenses were incurred in 2013.
— Saylor’s compensation package also dictates that MicroStrategy reimburse him for state and federal taxes related to these and other benefits. His total tax reimbursement for 2013 was $746,340.
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