European companies fail to link executive pay to environmental, social, and governance (ESG) performance according to new research published by Eurosif (European Sustainable Investment Forum). The report, produced in association with an investor-led steering committee including Groupama Asset Management, Henderson Global Investors, MACIF Gestion, PhiTrust Active Investors, Robeco and Société Générale Gestion, highlights what EUROSIF sees as “critical challenges and […]
Read MoreXstrata may find that its remuneration report resolution hits the headlines yet again on May 5th. Against a backdrop of general public hostility towards high director bonuses and greater shareholder scrutiny on remuneration reports resolutions, resulting in higher levels of dissent (“Against” votes plus abstentions), Xstrata’s board will likely again need major shareholder, Glencore International, […]
Read MoreThirty US investors representing assets over $1 billion to have written to 17 financial companies asking for a say on pay this proxy season. The letter, addressed to addressed to the CEO and Chairs of the Compensation and Governance Committees of the companies, was coordinated by Walden Asset Management and the State of Connecticut Treasurer’s Office. […]
Read MoreUS pay czar Kenneth Feinberg has waded into the bankers’ bonus debate with a range of sweeping cuts and demands for corporate governance reforms. On the pay front the proposals are to cut the packages of the top 25 executives at the seven bailed out firms: Bank of America, Citigroup, AIG, General Motors, GMAC, Chrysler […]
Read MoreAustralia is proposing some innovative steps to address concerns about executive pay. This week, the Productivity Commission released a detailed discussion document outlining a series of reforms which it hopes will improve board accountability, remove conflicts of interest and enhance shareholder engagement on remuneration. While the Commission doesn’t consider that Australia is suffering from a systemic failure in […]
Read MoreThe preliminary proxy statement filed by Verizon Communications ahead of their AGM on 6 May has revealed that the former President and Chief Operating Officer, Dennis Strigl, who retired from the company effective 31 December 2009, will receive a separation payment of some $18.5m, to be paid in July 2010. The origin of the payment […]
Read MoreChanges in the Executive Suite Lead to Expensive Consulting Deals Widely seen by analysts as one of the weaker performers in the U.S. meat sector, Tyson Foods, Inc. has its third CEO in as many years. In early 2009, Richard Bond quit after less than three years on the job, and was replaced by former […]
Read MoreAfter weeks of will they, won’t they and political horse-trading Britain’s top banks have committed to implement the remuneration reforms agreed by the G20 in Pittsburgh. The five banks, Barclays, HSBC, Lloyds, RBS, and Standard Chartered – have confirmed their commitment to comply with the Financial Services Authority’s remuneration rules, which comes into force on 1 January 2010. In a joint […]
Read MoreAustralian Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen has delighted Australian shareholders with plans to introduce extensive executive remuneration reforms designed to force boards to be more accountable and give shareholders more power. In a ringing endorsement of the Productivity Commission’s review of executive pay which was published in January this year, […]
Read MoreThe Securities and Exchange Commission has published its final rules which require a “say on pay” (SOP) for companies which have received financial assistance under the Troubled Asset Relief Program (TARP). The key points are that: The proxy will have to disclose that the company is providing a SOP vote Whether the vote is binding or not Smaller […]
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