Ryanair is asking the Aer Lingus to cut the salaries of its Chairman, Colm Barrington and the non-executive directors due to the airline’s ‘stated need to significantly reduce costs’. Ryanair, a 29.8% shareholder in Aer Lingus, has requisitioned two resolutions at the Aer Lingus’ 5 June AGM. Earlier this year all Aer Lingus Board members voluntarily […]
Read MoreThe Financial Times The Shell No vote was the second biggest against a UK company’s remuneration report this year, topped only by the 80 per cent of votes cast against Royal Bank of Scotland, according to Manifest, the voting agency. Link >> The Guardian The vote against the Shell pay report was the second biggest […]
Read MoreBanks were ownerless corporations whose shareholders gave their governance role a low priority. That’s just one of the damning conclusions from the UK’s Treasury Committee which has released its third report on the Banking Crisis. The report entitled “Banking Crisis: reforming corporate governance and pay in the City” has a wide brief looking not just at City pay […]
Read MoreThe Institute of Directors in South Africa has published drafts of the King III Report and King III Code on Corporate Governance. Shareholders are being offered a chance for a say on pay but it won’t be mandatory. The draft code states that shareholders “should approve the company’s remuneration policy”, while noting that the Board is […]
Read MoreManifest’s request for global shareholders to have a “Say on Pay” at Irish companies has its first success; DCC Group plc has confirmed that they will be allowing a shareholder vote on the directors remuneration report at this summer’s AGM. It is understood that this will be proposed as a management-sponsored resolution which is greatly […]
Read MoreManifest this week requisitioned a say on pay shareholder resolution at the Bank of Ireland and four more leading Irish listed companies: DCC; Elan; C&C Group; and Independent News & Media. As the course of this year’s European proxy season has progressed, we have noted a marked lack of progress in Irish corporate governance arrangements. In light […]
Read MoreToday’s FT leads with the news of Xtrata’s pay policy rebuff from shareholders as another example of shareholders flexing their muscules over pay for failure. Despite a 35% fall in EPS in the past year, the Xstrata board proposed increases in exec pay including a 4.8% rise for CEO Mick Davis who, according to the […]
Read MoreBelgium has announced an update to its 2004 comply or explain corporate governance code. The new code attempts to deal with some of the issues flagged up by the current economic crisis with a particular emphasis on say on pay disclosures. The proposals include publishing a remuneration policy, detailed information for the earnings of each executive director […]
Read MoreAhead of the Rio Tinto AGMs, Manifest flagged up its concerns regarding the re-election of Sir Roderick Eddington in our meeting business report. Manifest’s US partners, Proxy Governance, issued an ‘against’ recommendation on his re-election. The results of the voting the AGMs in London and Sydney have now been released. Each of the director election […]
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