At the same time as all the publicity about Dr Vince Cable’s appeals to FTSE100 companies for executive pay restraint, the FRC has published the responses to its consultation last autumn about proposed changes to the UK Corporate Governance Code. A sizeable chunk of these focus on directors’ remuneration and the FRC is consulting further on these … Continue Reading
Investors and shareholders enjoyed a relatively peaceful four-day week last week, with only four FTSE100 companies publishing their DRRs (albeit Morrison released its DRR in the last hour of the financial week) and four FTSE100 companies holding their AGMs. The published DRRs in the week commencing 14 April 2014 were: Fresnillo G4S Legal & General Group Wm Morrison … Continue Reading
Last week was fairly eventful in the world of FTSE 100 Directors’ Remuneration Reports. Three DRRs were released, three DRRs were voted on, one addendum was published and a whole new EU executive pay regime was proposed. The three companies who published their DRRs last week were: Antofagasta Melrose Industries Next Admiral Group, BP and Smith … Continue Reading
They say imitation is the sincerest form of flattery. The European Commission has announced proposals to overhaul shareholder powers on executive pay, with several provisions seeming to imitate the new regulations that apply to UK incorporated companies that are listed on the Stock Exchange. Did the Commission really mean to flatter the UK government? The … Continue Reading
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
After the rush of Directors’ Remuneration Reports published last week, this week has been a bit quieter. We are left with only a handful of 31 December year end companies yet to publish their reports. The 10 companies that released their DRRs last week were: BG Group Capita Coca-Cola HBC IMI Mondi Old Mutual Prudential Reckitt … Continue Reading
This week we were up into double figures with a further 15 FTSE100 Directors’ Remuneration Reports being published. With 51 FTSE100 DRRs released so far, we now have over half of the index. The FTSE100 companies that published their DRRs in the week commencing 24 March were: Aggreko Aviva British American Tobacco Centrica GKN Meggitt Pearson Petrofac … Continue Reading
The high level of activity in the FTSE100 Directors’ Remuneration Reports world continued last week. A further 8 Reports were published, meaning we now have 36 FTSE100 DRRs. The FTSE100 companies that published their DRRs in the week commencing 17 March 2014 were: AstraZeneca Anglo American BAE Systems Glencore Xstrata Intertek Group ITV Persimmon Weir Group … Continue Reading
You may be disappointed if you were expecting consistency in the way FTSE 100 companies are reporting under the new Directors’ Remuneration Report Regulations (as The Large and Medium-sized Companies and Groups (Accounts and Reports)(Amendment) Regulations 2013 are more helpfully known). Surely, with all those rules and the endless guidance, there can’t be that much … Continue Reading
The rate of publication of FTSE100 Directors’ Remuneration Reports during the course of last week, whilst not at the level seen at the very start of the month, was pretty impressive. Another eight FTSE100 DRRs were released which, added to the nine released the week before and the eleven published prior to March, means we now have … Continue Reading
As expected, the first week of March was a hectic one in the world of Directors’ Remuneration Reports. Nine, yes nine, FTSE100 companies’ DRRs were released during the five working days, almost doubling the number of companies to have issued their reports thus far. No doubt these DRRs formed detailed weekend reading for Remuneration Committee … Continue Reading
easyJet plc’s AGM was held on Thursday, 13 February 2014. At first blush, it looks like easyJet just got over the line for both the Implementation Report and the Remuneration Policy (at 55.5% and 55.0% respectively). Indeed, you may think there is a lesson to be learned. However, the fact that the Haji-Ioannou family hold … Continue Reading
Any guesses? If you’d said that all four DRRs were followed by clarifying addendums, you’d be right. If you’d said that all four addendums had been issued following “discussions with shareholder representatives”, you’d be absolutely correct. And if you’d said that all four had sought to clarify the companies’ recruitment policies (as explained in the … Continue Reading
It’s been a long time coming, but UK-incorporated FTSE 100 constituent companies are now beginning to publish the first Annual Reports which are required to comply with the new rules on Directors’ Remuneration Reports. Curtains up, and first on stage was easyJet. With a year end of 30 September, its 18 November Annual Report is … Continue Reading
