This week, Brendan and James are joined by Michael Varner, director of executive compensation research at CtW Investment Group, to discuss recent developments in the world of AAA publishing. Earlier this month, Activision delayed its say-on-pay vote at the request of shareholders amid an ongoing campaign by CtW and other parties to persuade shareholders to vote against compensation proposals for its biggest execs, including CEO Bobby Kotick. That vote was later passed with 54% approval -- an all-time company low -- meaning Kotick and co will continue to receive what CtW describes as "outsized equity pay" Meanwhile, Electronic Arts recently unveiled several changes to its executive compensation program -- although CEO Andrew Wilson still stands to receive $39.2 million, an increase of 83% year-on-year. Our guest helps us dive into all this and more as we try to better understand these companies' justification for executives' more than generous compensation. Title music by Thomas Marchant. Episode mastered by Thomas Quillfeldt.