Updated from 12:27 a.m ET to include Domino's comment.
NEW YORK (TheStreet) -- Adding a little extra tip to the pizza boy might be okay, but some public pension funds don't think pizza executives need eight figure pay days.
The California Public Employees Retirement System (CalPERS) said on Tuesday it voted against an executive compensation package at Domino's Pizza (DPZ), calling the plan "egregious."
The public pension fund also withheld a vote to elect board nominee Andrew Balson and voted for Domino's auditor.
Due to egregious pay practices at Domino's Pizza, CalPERS will be voting against exec compensation measure http://t.co/2gFvnJxvme.CalPERS (@CalPERS) April 29, 2014
CalPERS owns 320,992 Domino's Pizza shares the company said in its proxy materials.
Overall, 24% of Domino's shareholders voted against the company's executive pay plan, according to figures from CtW Investment Group. Other voters against the plan were the California State Teachers Retirement System, New York City Pension Funds, the Florida State Board of Administration, and the Illinois State Board of Investment.
According to Domino's 2013 proxy statement, CEO Patrick Doyle earned total compensation of $9.5 million in 2013, split between a $870,694 base salary, $2.58 million in incentive-based stock awards, nearly $3.4 million in option awards, non-equity incentive compensation of $2.3 million and other compensation of $379,491.
CFO Michael T Lawton earned $2.56 million in total compensation in 2013, while other top executives earned between $1.9 million and $2.8 million in total compensation.
CtW contended that CEO Doyle's total compensation was about three-times peers, while Domino's said in its proxy that executive pay is slightly below the average of restaurant-industry peers such as Bob Evans (BOBE), Brinker International (EAT), Papa Johns (PZZA), Chipotle Mexican Grill (CMG), Darden Restaurants (DRI) and Wendy's (WEN).
Domino's top brass also earned significant incentive-based compensation because the company's earnings exceeded performance targets put in place at the beginning of the year, allowing for executives to garner payouts of 132% of their incentive targets.
Domino's shares have gained nearly 40% in the past 12-months, and nearly 800% in the past five years, outperforming the S&P 500.
"At the conclusion of our annual meeting, were pleased to report that a substantial majority of our shareholders voted in favor of all board-recommended items on our 2014 proxy. We appreciate this vote of confidence in our Board, our CEO, our senior leadership team and our system of strong franchise owners around the world," Domino's said in an e-mailed statement.
The company will be disclosing voting results in a filing with the SEC within the next 48 hours, Domino's said.