Centamin Egypt, the Australian incorporated gold mining company which entered the FTSE 250 index in June 2010, will hold its AGM on 9 November in London. At its 2009 AGM the remuneration report vote was defeated, however shareholders will not get an opportunity to vote on the remuneration report in 2010. The reason is that […]
Read MoreJust what is the most appropriate level of executive pay and what is the best approach to aligning interests between executives and shareholders? This little gem of an extract comes from a submission to Australia’s Productivity Commission made in 2009 by Ian Crichton of CRA Plan Managers, a remuneration consultant, may provide some insight. “I […]
Read MoreSome 55.44% of the votes cast on the resolution to approve the remuneration report at the AGM of Punch Taverns voted against the remuneration report, condemning the report to defeat. The company joins a select list of five companies in the FTSE All-Share to have lost this vote in 2009. Shareholders were upset at the […]
Read MoreA consultation paper has been published by the Irish Stock Exchange in which it proposes the introduction of an Irish Corporate Governance Code, a draft copy of which has been published. The proposed Code supplements the existing Combined Code (being renamed the UK Corporate Governance Code) with some of the key recommendations of the report […]
Read MoreLondon Stock Exchange this week announced a consultation on the AIM Rules a which is open until 15 January 2010. The proposals will see all AIM companies obliged to disclose details of directors’ remuneration on an individual basis, as the rules catch up with the actual practice of most leading AIM companies. The UK Companies […]
Read MoreRemuneration reports are “unduly complex, place a significant burden on companies and are of limited use to shareholders and other readers. At worst, they have become almost incomprehensible to even expert readers and can give a distorted picture of executive remuneration.” So says the Australian Institute of Company Directors (ACID). Instead ACID wants the reports to be […]
Read MoreThe nickel producer and explorer, Western Areas, saw its remuneration report defeated at its AGM on 6 November, as Australia’s stormy AGM season continues.The voting saw 52.5% vote against with a further 2.3% in abstentions. Four other remuneration-related resolutions were withdrawn in light of overwhelming opposition (by more than 2 to 1) from those voting […]
Read MoreThe first big week of Australian proxy season has seen a number of revolts on executive pay, with one ASX 100 company losing the remuneration report vote and two others seeing very significant dissent. At Downer Edi, the remuneration report was defeated, with investors reacting to reduced performance hurdles for the long-term incentive plan and […]
Read MoreEasyjet has joined the ‘remuneration-report hall of shame’ following yesterday’s AGM when 28% of shareholders opposed its remuneration report. The revolt puts the low cost airline in the company of Shell, Grainger, Punch Taverns and who have all suffered remuneration defeats at the ballot box. The result probably comes as no surprise given the sharply increased focus on executive […]
Read MoreEthos have announced that eight of the 20 companies included in the Swiss SMI Index have now agreed to implement a vote on remuneration issues. In the autumn of 2008, Ethos and eight Swiss pension funds filed a “say-on-pay” resolution requesting an advisory vote on the remuneration reports of five of the largest listed companies […]
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