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
The topic of directors’ remuneration is coming back onto the horizon for one last time this season following a quiet month. During the last fortnight DRRs were published, AGMs were held and the IMA updated its Principles of Remuneration. So, with just one DRR yet to be published and four UK AGMs still to be … Continue Reading
Well, not quite. Following the merger of the investment affairs division of the ABI and the Investment Management Association in June this year we now have the IMA Principles of Remuneration. So has the new name brought with it significant changes to the expectations of shareholders represented by the newly merged advisory bodies? Thankfully, the … Continue Reading
Following the first week of any notable activity in the world of FTSE100 DRRs and AGMs for a while (see our previous blog post), last week saw another couple of FTSE100 30 June year-end companies release their DRRs. After a quiet summer, it appears that the world of executive remuneration is slowly but surely getting … Continue Reading
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 … Continue Reading
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
The Financial Reporting Council announced on 17 September the release of the updated version of the Corporate Governance Code, after its consultation in April about proposed amendments to the sections on remuneration. There has been a good deal of shuffling sentences about, but there are two main changes that will need to be taken into account by companies for … Continue Reading
After a quiet couple of weeks, last week two FTSE100 companies released their DRRs, namely Diageo and Sports Direct. Sports Direct’s DRR has been eagerly awaited following recent controversy over its 2015 Bonus Share Plan (see our blog post on its introduction and our blog post on Mike Ashley’s involvement in the plan). The next … Continue Reading
It’s summer for our readers in the Northern Hemisphere – so time for a seasonal break. After a very busy and interesting 8 months watching FTSE100s wrestle with their DRRs under the new UK regulations, it’s time for them and us to take a well-deserved break. The final AGMs of the March year-end FTSE100 companies … Continue Reading
As the schools break-up for the summer holidays and parents across the country are faced with the annual headache of how to entertain the kids until they return, the Remuneration Committee members of the FTSE100 companies that held AGMs last week will be enjoying the start of summer having received glowing results from shareholders. In … Continue Reading
As most of the UK basked in the sunshine last week, eight FTSE100 companies held their AGMs and all companies emerged relatively unscathed. The only company to slightly feel the heat was Experian. Experian received votes of 87.4% in favour for its policy report and 85.9% for its implementation report. Not disastrous, but probably not … Continue Reading
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
Without any FTSE100 companies’ DRRs being published or AGMs being held last week, interest in UK executive compensation activity came from a couple of other notable events. The World Cup, Wimbledon, the Tour de France, the British Grand Prix – and the approval of Mike Ashley’s incentive plan! – were all important sporting events taking … Continue Reading
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
Once again, it was an uncontroversial and quiet week in the FTSE100 directors’ remuneration report world. Last week, three March year-end companies published their DRRs and two companies held their AGMs. The three FTSE100 companies that published their DRRs in the week commencing 16 June were: Babcock International Group Johnson Matthey Severn Trent The shareholder … Continue Reading
As the eyes of the world turned to Brazil, the pace of DRR and AGM activity for FTSE100 companies slowed. The 2014 FIFA World Cup has got underway (despite local and international protests and corruption allegations), and we find ourselves approaching the end of the current season of FTSE100 DRRs and AGMs. As noted in … Continue Reading
The saga of Sport Direct’s attempts to find a long-term in incentive to reward Mike Ashley, its Executive Deputy Chairman, continued yesterday with the announcement of a proposed “2015 Bonus Share Plan”. The Company’s Remuneration Committee have certainly taken on board feedback from shareholders on the previous proposal and have created a fearsome performance requirement. … Continue Reading
Last week, the March year-end companies began publishing their DRRs, meaning it was the busiest week in a while for those involved in the world of executive compensation. The eight FTSE100 companies which published their DRRs in the week commencing 2 June 2014 were: British Land Company Burberry Experian J Sainsbury Marks & Spencer Group … Continue Reading
The only notable event in the FTSE100 Directors’ Remuneration Reports domain last week was the AGM of Travis Perkins. Its policy and implementation reports were both comfortably approved, with votes in favour of approximately 93.3% and 96.6% respectively. It’s fair to say that the quiet period in DRR issues continues (see last week’s blog post) … Continue Reading
As noted last week, the rate of FTSE100 AGMs has begun to slow down, with only five companies holding their AGMs last week. So how did those companies fare, and are the suggestions of a new shareholder spring warranted? Four of the five AGMs that were held last week saw shareholder support of over 90% … Continue Reading
As most sixteen to eighteen year-old British kids get stuck into the most important exams of their lives, how did the FTSE100 companies holding AGMs last week fare as shareholders announced their marks for fourteen Directors’ Remuneration Reports? In truth, this was a mixed week of results. Two companies (Petrofac and Melrose) were given low … Continue Reading
There were a further 12 FTSE100 AGMs last week and whilst for most companies both sections of the Directors’ Remuneration Report received a high vote in favour, a couple of companies felt the wrath of shareholders. Reckitt Benckiser Group’s implementation report was only approved by 68.5% of shareholders last Wednesday. The forward looking policy report … Continue Reading
Perhaps it’s no surprise that last week was a quieter one on the DRR front than the previous week. Shareholders had to contend with quite some volume of reading – over 250 pages of DRR being voted on in one week! At the 11 FTSE100 company AGMs last week, both sections of the DRR, (namely … Continue Reading
In the week that Vince Cable wrote to remuneration committees to urge them to “seize the opportunity to bring pay in line with performance” (see our blog post for details), a few FTSE100 companies were also encouraged by their shareholders to think carefully about pay packages that have been awarded. Those companies will also now need … Continue Reading
