“Voting down Shell’s pay plan sent a chastened company back to consult over revised proposals. It also set a new high-water mark for annual meetings in a year marked by battles about pay across Europe and an increase in No votes. According to Manifest, the proxy voting agency, four UK companies’ remuneration reports have been voted down this year – apart from RBS and Shell, they were Bellway, a housebuilder, and Provident Financial a subprime lender – the same number as the total for the previous six years since the UK introduced its say on pay.”
The Financial Times, Kate Burgess and Richard Milne, June 1 2009
Footnote: According to Manifest’s VoteWatch ™ service there have in fact been closer to 20 defeated remuneration report resolutions since the introduction of the Directors’ Remuneration Report Regulations in 2002.