Tag Archives: AGM

And so it begins … the 2017 shareholder spring

As we recently reported, 2017 is the year when most FTSE100 companies will be putting their new remuneration policies to a shareholders’ binding vote, against an increasingly hostile background of criticism of the size and complexity of directors’ pay packages. For the early starters in the FTSE100, there have already been casualties.  Imperial Brands withdrew … Continue Reading

Bringing UK “big business” into line: corporate governance reform

As trailed in our recent blog post, the green paper on the reform of corporate governance was published today by the Department for Business, Energy and Industrial Strategy (formerly BIS).  The paper sets out 14 questions for consultation. The consultation covers three main areas: executive pay, “which has grown much faster over the last two … Continue Reading

A brake on executive pay? More on employee representation on boards

Tucked away right at the end of Prime Minister’s questions yesterday, immediately before the Autumn Statement, was a very short question: “Does the Prime Minister believe that big companies should put a worker on the board?”  Given recent headlines such as “Theresa May backtracks on putting workers on company boards” (The Telegraph, 21 November) and … Continue Reading

Shareholder Spring 2: Rabbit Emerges From The Hat

After weeks of media headlines criticising FTSE 100 executive remuneration, the Investment Association have finally pulled their rabbit from the hat!  The nattily entitled “Executive Remuneration Working Group” set up last year under the auspices of the Investment Association (see our previous blog post) has published its Interim Report (which can be downloaded from the … Continue Reading

Didn’t they do well? BIS report on compliance with remuneration reporting

The Department for Business Innovation and Skills (BIS) has published a research paper on companies’ compliance with the new directors’ remuneration reporting regulations (DRRRs) in the 2014 AGM season. The research was carried out by Manifest, taking a random sample of 93 UK-incorporated companies listed on the London Stock Exchange.  Thirty-eight of these companies had … Continue Reading

Is it permISSible? Yet more guidelines on UK directors’ remuneration

Institutional Shareholder Services (ISS) recently released its first stand-alone UK and Ireland Proxy Voting Guidelines (previously, ISS and the NAPF issued guidelines through Research Recommendations and Electronic Voting, their joint venture which came to an end in June 2014). The guidelines apply to shareholder meetings held on or after 1 February 2015.  In the area of … Continue Reading

How to avoid a bloody nose in the second DRR season: amended NAPF guidelines

The National Association of Pension Funds (NAPF) has re-issued its updated Corporate Governance Policy and Voting Guidelines, including its view of how remuneration should be dealt with.  Unsurprisingly, changes have been made to the last set of guidelines issued in November 2013. The changes reflect experience over the first year of accounts published under the … Continue Reading

FTSE100 DRR season – the final curtain

With the release of Associated British Foods’ Directors’ Remuneration Report on 4 November 2014, the final curtain has come down on the 2013-14 FTSE100 DRR season. Whilst we still await the AGMs (and therefore shareholders’ votes on the DRRs) of a handful of FTSE100 companies (namely Smiths Group, BHP Billiton, BSkyB, Wolseley and ABF itself), … Continue Reading

Why over what, spirit over letter – the NAPF publishes its verdict on the FTSE 350 2014 AGM season

After an eventful 2014 AGM season, the National Association of Pension Funds (NAPF) has published its 2014 AGM Season Report in respect of the FTSE350.  This second annual NAPF Report looks back at the AGM season just gone in advance of the update to the NAPF’s Corporate Governance Policy & Voting Guidelines.  Commenting briefly on … Continue Reading

FTSE100 DRRs and AGMs – our first bloody nose as the March-end AGMs begin

Despite it being only a couple of weeks since the December year-end FTSE100 companies’ AGM season finished (details on the results at that point were contained in our previous blog post), we have now begun the March year-end FTSE100 companies’ AGMs.  Week one saw three FTSE100 companies hold their AGMs, with one of them resulting in our … Continue Reading

FTSE100 DRRs and AGMs – so how is the season really progressing? We analyse the numbers so far

Last week saw the last three AGMs of 31 December year-end FTSE100 companies take place, namely for Coca-Cola HBC, RBS and WPP (and all received at least 80% shareholder approval for both parts of the DRR). There was one other AGM (Tesco, which has a February year-end), and two DRRs were released (by SABMiller and … Continue Reading

“Emergency” discretion in the spotlight – yet another clarifying addendum to a DRR

Pearson has followed in the footsteps of Aberdeen Asset Management, Compass, Imperial Tobacco and TUI Travel, and has become the fifth FTSE 100 company to release a statement to clarify certain aspects of the remuneration policy after the publication of its DRR. What next? The full details of Pearson’s addendum are below. In short, the … Continue Reading