The drop has nothing to do with the performance of the company, whose stock price appreciated 128% in the fiscal year that ended in March. It’s just that last year the independent studio’s CEO had $4.8M in stock awards that didn’t reappear this year, according to Lionsgate’s just-released proxy. He was rewarded in other ways with a package that included $1.2M in salary, $5M bonus, $121,500 in stock awards, and $94,169 in other compensation. The bonus is way up from last year’s $1.9M. Two other execs saw much bigger gains this year. Vice Chairman Michael Burns’ compensation was up 107.4% to $5.6M, while Motion Picture Group President Joseph Drake was up 56.7% to $3.1M, including a $2M bonus tied to the performance of The Hunger Games. He resigned in March with an agreement that give him a $3.4M severance payment plus bonuses tied to the performance of future films in the Hunger Games franchise. With the changes, Feltheimer falls off our list of CEOs whose pay is out-of-whack with his or her colleagues. Corporate governance activists become concerned when a CEO makes more than 3 times the median for other top executives whose compensation is noted in the proxy. Feltheimer’s pay is 2.1 times the others, down from 3.4 times. Looked at another way, he accounted for 28% of the pie for the top execs, down from 46%. The proxy notes that Lionsgate’s shareholder meeting will take place on September 11 in Toronto.