Intel (NASDAQ:) shareholders rejected the pay package for the company’s top executives, according to the regulatory filing published on Monday.

While the vote for the compensation package was advisory and will not affect Intel’s top executives right away, the decision suggests that some Intel shareholders are keeping a close eye on the performance of Chief Executive Pat Gelsinger and the progress of the company’s remedial plan.

The pay package was voted by approximately 920 million shareholders of Intel shares, and 1.77 billion shareholders voted against.

This vote is the latest instance in a string of votes against executive compensation packages. Last month, AT&T (NYSE:) investors also rejected an executive compensation package, a total of 16 companies had their executive compensation packages rejected by investors in 2021.

Pat Gelsinger became Intel’s CEO in February last year and received a pay package of $178.59 million a few months later, a financial filing showed. It included a more than 1 million salary and a bonus of $1.75million. There was also almost $30 million worth in options awards.

Gelsinger is on a mission for Intel’s business turnaround after it began to experience a decline in its growth and losing market share to AMD.

Last week, two major investor advisory firms said Amazon (NASDAQ:) shareholders should vote against the compensation package of CEO Andy Jassy and other executives, citing substantial stock awards executives are set to receive regardless of the e-commerce company’s performance in the future.

Amazon investors will be voting on the compensation package for its top executives. Advisors Institutional Shareholder Services and Glass Lewis advised investors not to accept the compensation package.

By Senad Karaahmetovic