General Electric (GE) shareholders rejected the company’s executive compensation plans in a nonbinding vote, snubbing a revised pay package that lowered the bar for CEO Larry Culp to eventually collect as much as $232m.

Almost 58% of shares voting went against the pay deal at GE’s annual meeting on Tuesday. Investors weighed in less than a month after shareholder advisory firm Glass Lewis chided GE’s board for maintaining Culp’s maximum potential payout “in exchange for reduced shareholder value creation”...