Resolution 8 at today’s AGM covers the re-election of Louise Patten, chair of the remuneration committee, who has overseen the unpopular payouts of the performance/retention awards. ‘These are clearly retention awards, not exceptional awards and they should have just been honest and said so,’ says Manifest’s Wilson. ‘Just one vote over the 50% would see […]
Read MoreTesco’s AGM today saw the largest against vote (41.03%) against a share plan at a FTSE 100 company since Manifest began collecting voting data in 1996. When analysed including abstentions, it was the largest rebellion in the FTSE 100 in 2009 and the biggest since Royal Dutch Shell in May 2008. At Shell however, votes […]
Read MoreThree AGMs have this week seen shareholder dissent reach notable levels. Home Retail Group shareholders voted to approve the remuneration report, but dissent represented the fifth biggest rebellion on the remuneration report in the FTSE 100 so far in 2009. Total dissent of 40.49% was split between against 32.99% and abstentions 7.5%. The Company had […]
Read MoreThe UK’s trade union federation, the TUC has published its 2008 fund manager voting survey and found investors wanting. For the seventh year the TUC’s investment team has analysed the voting records of 20 fund managers and pensions funds for the period July 2007 and July 2008, which included votes on banks’ remuneration reports and the […]
Read MoreFollowing moves by US government last week to set pay limits at firms that have received TARP assistance, Mats Isaksson, OECD head of corporate affairs has given a public interview outlining the OECD’s view of the role of corporate governance and shareholders in the current financial crisis: What are the key corporate governance lessons from the financial […]
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 MoreDCC plc have become the first Irish-incorporated company listed on the Irish Stock Exchange to include an advisory say-on-pay resolution on the agenda for the annual general meeting. In proposing the resolution, proposed on a voluntary basis as a management-sponsored proposal, the Company has set a new gold standard for Irish companies to aspire to […]
Read MoreUS Congressman Barney Frank’s Financial Services Committee has started its deliberations on the problem of executive pay. A total of eight witnesses including former Chief Accountant, U.S. Securities and Exchange Commission, Lynn Turner and noted academics Lucien Bebchuk and Kevin Murphy were on hand to present their testimony. A say on pay and access to […]
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 […]
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