Shareholders for coffee-chain giant Starbucks (SBUX) voted to reject a proposal for executive compensation. The resolution, however, is nonbinding and the board of directors could still enact it.

The proposal included a nearly $2 million payout for chief executive Kevin Johnson for fiscal 2020 performance and $50 million in retention pay if he remains with Starbucks through fiscal 2022. Starbucks cited how Johnson helped grow market value by more than $39 billion since leading the company.

"The Board will carefully consider the results of all shareholder voting and the feedback and diverse points of views of our shareholders as it continues to make its future decisions. Prior to this annual meeting, we reached out to shareholders, representing approximately 40% of our shares outstanding. And we've discussed a variety of topics that were presented at that annual meeting today, including our executive compensation program. We will be intentional and careful about listening to your collective points of view in the months ahead," the company said Wednesday in its annual shareholder meeting.

The vote was reported by the Wall Street Journal, which described it as "a rare rebuke to a major U.S. company."

Johnson, 60, is the president and CEO, and has held the position for roughly six years after replacing Howard Schultz, who had held the position two separate times.

“The board unanimously supported the performance-based retention rewards granted to our executives in late 2019,” board member and Ulta CEO Mary Dillon told CNBC in a statement. “This award – which is earned through exceptional company performance over a period of time – is consistent with our commitment to shareholder value creation and ‘pay-for-performance’ philosophy.”

Also in Wednesday's shareholder meeting, Starbucks said it plans to make its "green coffee" carbon neutral by 2030 and aims to cut water usage in half.

Starbucks has made efforts in recent years to overcome a track record on environmental commitments that had been criticized by many organizations. In 2017, the Sierra Club noted that Starbucks fell "dramatically short on meeting an ambitious 2008 commitment" to make 25% of its cups reusable by 2015.

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