Chipotle Chairman and co-CEO Steve Ells, center. Photo: AP

May 15 (Bloomberg) — Chipotle Mexican Grill Inc. investors, weighing in on a say-on-pay proposal at the restaurant chain’s annual meeting, cast more than three-quarters of their votes against the pay levels.

About 23 percent of shareholder votes supported Chipotle’s executive compensation at the meeting, spokesman Chris Arnold said in an e-mail. The say-on-pay vote is advisory and the board and compensation committee aren’t bound by it. Still, Chipotle uses the results to make future decisions on executive pay.

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