Micro Focus: Transaction-based award resulting in excessive pay

AGM Update: Following the 29 March AGM, Micro Focus disclosed that the Remuneration Report was defeated with a 50.4% vote against – on a non-binding basis.   Shareholders have become accustomed to the concept of pay for performance, but pay for transactions rarely attract the same level of scrutiny. Micro Focus International plc (LON: MCRO) […]

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Blue Prism Group: LTIP structure around performance shares award

Blue Prism Group is overhauling its remuneration structure for the coming year with an increase in pay opportunity and the introduction of new long-term incentive awards. As Blue Prism is listed on AIM the company is not required to put its forward-looking remuneration policy to shareholders for approval, although they are offered a non-binding vote […]

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AIM & remuneration disclosure: still room for improvement

AIM & remuneration disclosure: still room for improvement Unlike their main market peers, AIM companies are not obliged to follow the detailed legislation surrounding executive pay practice. After AIM Rule 26 was changed in March 2018, they now just have to disclose which governance code they follow. For many, that will be the QCA Governance […]

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GovernanceWatch: JD Wetherspoon

UK Governance Watch At JD Wetherspoon shareholders may hold concerns with the level of independence on the board. At the conclusion of the FTSE 250 pub owner and operator’s AGM the board will comprise three executive directors, Chairman Tim Martin – the company founder and controlling shareholder – and four non-executive directors. Of the four […]

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GovernanceWatch: SIG plc

UK Governance Watch SIG plc is holding a general meeting on 7 November in order to seek shareholder approval of a new remuneration policy and long-term incentive plan (LTIP). In the FTSE250 industrial group’s annual report it was reported that the remuneration committee was conducting a review of executive pay and consulting with shareholders and […]

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GovernanceWatch: Hargreaves Services, Brooks MacDonald

UK Governance Watch At AIM-listed infrastructure group Hargreaves Services’ 2017 AGM around 20% of shareholders opposed the adoption of its remuneration report. Shareholders likely held concerns with the level of disclosures provided in the report regarding performance targets and the lack of director shareholding guidelines and clawback provisions. The disclosures on these policy aspects continue […]

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UK corporate governance code

There continued to be a focus on executive pay in 2017 by shareholders of FTSE 350 companies data from Manifest for the Pensions and Lifetime Savings Association’s (PLSA) AGM voting review showed. The PLSA stated that the executive pay awards continued to be the most controversial aspect of corporate governance, with the figures of significant remuneration-related […]

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High Pay Centre CEO pay

In its annual review of the pay of FTSE 100 chief executives and average UK employees the High Pay Centre, now working with the Chartered Institute of Personnel and Development (CIPD), found that by 4th January, dubbed Fat Cat Thursday, the UK’s top bosses made more money than the typical UK full-time worker will earn in […]

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Panellists agreed it was time to reset the governance debate highlighting the need for companies to improve their reporting and “be brave” in their disclosures to investors and other stakeholders at the Manifest seminar held this week. The event was hosted at the Financial Reporting Council and David Styles, its director of corporate governance, welcomed participants […]

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Manifest ICSA corporate governance seminar

Company secretaries have the opportunity to learn more about the UK government’s recent corporate governance proposals from a range of experts at a forthcoming seminar organised by Manifest, in association with ICSA – The Governance Institute. The event – being held on 31st October in the City of London – will outline the UK’s current corporate governance […]

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