In a move highlighting the changing landscape of shareholder-company relations in Germany, two DAX 30 constituents are meeting with investors in advance of the first shareholder votes on executive pay. Top executives from Siemens AG and Thyssen-Krupp AG — which will convene AGMs on 26 January 2010 — will huddle with several key investors today, with executive remuneration likely to be a point of […]
Read MoreThe Walker Review has ignited something of a bonfire under the UK’s current “Guidelines” based approach to corporate governance monitoring and enforcement. Leaving the politics of the debate aside for a moment, there is a genuine practical consideration for adopting a more formal approach to “Best Practice Guidelines” – ongoing suitability. Over the past 20 years the […]
Read MoreManifest has released it’s first executive remuneration analysis using the Obermatt Bonus Index. The analysis of Swiss-quoted Novartis shows that former CEO Daniel Vasella’s received a bonus in 2009 almost three times the amount he would have been due based on the relative earnings growth of the company’s peer universe. According to Manifest’s calculations, Vasella’s total […]
Read MoreThe Extraordinary General Court of Bank of Ireland held today (Jan 12) approved important changes to the Bye-Laws of the company, with 99% of shareholders voting in favour. Bank of Ireland was established by Charter and thus is subject to a somewhat different regulatory structure than companies incorporated under the Companies Act. The Bye-Laws of […]
Read MoreCanada’s largest financial institutions have agreed a voluntary approach to “say-on-pay” which will see a standardised, non-binding shareholder vote proposed during the 2010 season. In a sharp contrast to the US’ legislative battle to give shareholders a voice on executive pay, Canadian shareholder groups and companies have worked together to create a common format which […]
Read MoreEasyjet has joined the ‘remuneration-report hall of shame’ following yesterday’s AGM when 28% of shareholders opposed its remuneration report. The revolt puts the low cost airline in the company of Shell, Grainger, Punch Taverns and who have all suffered remuneration defeats at the ballot box. The result probably comes as no surprise given the sharply increased focus on executive […]
Read MoreThe Swedish government has stepped in to halt incentive-based pay plan for executives at mobile phone operator TeliaSonera. At Wednesday’s AGM in Stockholm, the government used its 37 per cent stake to force through changes to the company’s pay structure which aims to see directors paid a basic salary only. A proposal that executives should receive only a fixed […]
Read MoreAn analysis of company-selected compensation peer groups at S&P 500 companies reveals some clear favorites. 3M Co. tops the list, selected as a peer by 11% of the 374 companies that disclosed in their 2009 annual proxy statements a peer group of up to 35 companies. Six other firms – Johnson & Johnson, General Mills […]
Read MoreAustralia’s Productivity Commission will submit its final report on executive remuneration to the Federal Government on 19 December. The Productivity Commission was asked to undertake a public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under the Corporations Act. It was asked to make recommendations on how the existing […]
Read MoreThe German Bundestag has adopted the Gesetz zur Angemessenheit der Vorstandsvergütung (Act on the Appropriateness of Management Board Remuneration or VorstAG). The objectives of the new Act are to ensure a greater focus on incentives concerning the company’s long-term development, to make it easier to cut pay when a company’s situation deteriorates while creating clear […]
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