United Drug has followed the lead of DCC in proposing a vote on its remuneration report as a separate voting item at its upcoming AGM on 9 February. The notice of meeting acknowledges that there is no legal obligation on the company to put such a resolution to shareholders, so this is an ‘advisory’ resolution […]
Read MoreThe German Bundestag has adopted the Gesetz zur Angemessenheit der Vorstandsvergütung (Act on the Appropriateness of Management Board Remuneration or VorstAG). The objectives of the new Act are to ensure a greater focus on incentives concerning the company’s long-term development, to make it easier to cut pay when a company’s situation deteriorates while creating clear […]
Read MoreIn a widely anticipated move, the US Securities and Exchange Commission has moved forward with an aggressive reform program to update the US proxy system. The SEC met today (01/07/09) to approve the New York Stock Exchange’s proposal regarding broker discretionary voting in uncontested director elections (NYSE Rule 452). In addition to the introduction 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 MoreManifest’s campaign to ensure shareholders at Irish companies have the opportunity to cast an advisory vote on the remuneration report gathered momentum over the weekend, with a full page article in the Irish edition of The Sunday Times. Last month Manifest filed shareholder resolutions at five Irish companies seeking an advisory say-on-pay vote. The Sunday […]
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 […]
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