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.

Chipotle has drawn criticism for paying its co-chief executive officers a combined $49.5 million last year. CtW Investment Group, a union-backed pension-fund firm, encouraged shareholders to revolt against the pay packages, saying the executives were being treated like "Sun Kings." The proxy advisers Institutional Shareholder Services and Glass Lewis joined CtW in opposing the compensation.

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