The world of executive remuneration enjoyed a brief flurry of activity last week as an AGM was held, an updated version of the Corporate Governance Code was published and the NAPF also published its report on the 2014 FTSE350 AGM season.
Despite widespread rumours of a shareholder revolt in the national press, both aspects of Diageo’s DRR, being the policy report and the implementation report, were approved by a large majority of shareholders at the AGM on Thursday. The policy report received votes in favour of 97.5% and the implementation report received votes in favour of 97.0%. Nowhere near a shareholder revolt!
The updated Corporate Governance Code follows the two consultations of October 2013 and April 2014. Our blog post has details on the changes for executive remuneration.
The NAPF published its insight into the 2014 FTSE350 AGM season with details of where the NAPF thinks more communication is needed and how compliance with the new directors’ remuneration reporting regulations can be improved next year (see our blog post for more details).
We are still waiting for seven FTSE100 companies to publish their DRRs and hold their AGMs, so the 2014 AGM season is not quite over yet.