Pfizer Inc. shareholders have rejected a proposal to stop giving top executives stock options.
The vote comes as the world's largest drugmaker holds its annual meeting in Cleveland.
A preliminary total of votes cast in advance, covering about four-fifths of shares, shows 96 percent of shares voted were against the proposal.
It was brought by outspoken activist shareholder Evelyn Davis, who has been pushing for compensation reform at various corporate annual meetings for years.
She told Pfizer CEO Jeff Kindler stock option awards have gotten out of hand and can lead to "shenanigans" and fluctuations in the market.
Shareholders of New York-based Pfizer did vote to give themselves an advisory vote on compensation of top executives.