The Guardian’s annual survey of executive pay has been published, and reveals a 10% increase in basic salary for executives at FTSE 100 companies. Today’s Guardian editorial cites voting data from Manifest noting that dissenting votes on remuneration reports in the year to 31 July was circa 12% while dissent on long-term incentive plans was […]
Read MoreFrench President Nicolas Sarkozy has stepped into the governance spotlight with a plan to keep bankers pay under control. Following a meeting on Tuesday between Sarkozy and France’s top banks, including BNP Paribas SA and Société Générale SA the banks agreed to penalize traders who lose money for their firms after getting a bonus and to […]
Read MoreThe FSA this week introduced a new code for remuneration practices at large banks, building societies and broker dealers in the UK. Not surprisingly, the FSA’s main objectives are to ensure that boards keep a tighter rein on the link between company pay and risk management and sustainability, and that incentives provided to individuals are […]
Read MoreNot to be outdone by the Walker Review this week, the United States Securities and Exchange Commission (the SEC) has released the full text proposals from their July 1st meeting which are aimed at enhancing pre- and post-meeting disclosure and facilitation of the solicitation process for non-management groups. In a 137 page consultation document, for […]
Read MoreToday’s climbdown by Marks & Spencer, courtesy of the decision of Steve Sharp and Stuart Rose to waive part of their Performance Share Plan awards, represents a victory for shareholders. However, the root cause of the problem – an over-generous Remuneration Committee – remains unresolved. Manifest highlighted in the Meeting Business Report prepared ahead of […]
Read MoreThe US Treasury has announced the appointment of a “special master” to oversee executives’ compensation at U.S. companies receiving large amounts of government aid, with the power to reject pay plans deemed excessive. Kenneth Feinberg, a lawyer who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks, will review the compensation […]
Read MoreThe public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under Australia’s Corporations Act continues and a draft report is in preparation. Some 79 initial submissions have received by the Productivity Commission inquiry. Public hearings will be held in Sydney, Melbourne and Brisbane during June and July 2009. Some […]
Read MoreManifest’s annual review of executive remuneration trendshas now been published and has received a positive response from a variety of market commentators including Robert Peston for BBC’s News at 10 and the BBC World Service’s European Business News. This year’s survey has been extended to included pensions data as well as detailed narrative on trends […]
Read MoreAt today’s AGM of Tomkins plc (FTSE 250 constituent), only 38.8% of shareholders voted in favour of the remuneration report resolution. Measured in terms of dissent (61.2%), the rebellion against the remuneration report ranks just outside the top ten all-time for such resolutions, however the resolution did manage to pass. The dissent was split between […]
Read MoreYou don’t need telling that the onset of the worst global recession since the 1930s has led to a sharp rise in bankruptcies among small businesses and to hundreds of thousands of job losses. But 2008 wasn’t especially painful for a typical chief executive of a FTSE 100 company, according to a new independent survey […]
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