10% pay increases for CEOs – FTSE100 Top pay reaches £4.8 million

The Manifest/MM&K Executive Director Total Remuneration Survey for 2012 was launched at a seminar in London on Tuesday, 12th June.

The Manifest/MM&K Survey is the most authoritative and up to date analysis of published information on the pay practices of 642 listed companies.… Read the rest

Peak Season for Share Voting Professionals – in Westminster

Never mind the peak meeting season, the past few days has seen a flurry of activity in Westminster which will have a bearing on aspects of shareholder voting and corporate governance in the UK.

On Tuesday, the Treasury Select Committee heard evidence from Baroness Hogg, Chairman, and Peter Montagnon, Senior Investment Adviser, both of the Financial Reporting Council, as well as from Sir David Walker, as part of the inquiry into corporate governance and remuneration.… Read the rest

Deutsche Bank – why you actually might not want to vote at all

The upcoming AGM of Deutsche Bank AG is looming large in many shareholders minds now. With the long running succession planning debate at the company leading some proxy advisors to publicly recommend opposition to ratification of the supervisory board acts, combined with countermotions tabled for director elections, there’s plenty for shareholders to consider.… Read the rest

The High Pay Debate – Where Next?

As the so-called “Shareholder Spring” moves into the summer, the question most people are asking is “Where next?”

Secretary of State Vince Cable has laid down a marker for future legislation on a binding vote on remuneration policy. Given that this is the UK’s third attempt at addressing executive pay issues(Greenbury, 1995; Directors’ Remuneration Report Regulations, 2002) there’s a feeling that what has gone before hasn’t worked.… Read the rest

Sustainable Stock Exchanges – Progress?

This week saw the publication of the latest progress report as part of the  Sustainable Stock Exchange Initiative sponsored by Aviva Investors.  The report by Responsible Research surveyed 27 of the largest stock exchanges across world markets to assess attitudes towards the role of stock exchanges in promoting corporate sustainability reporting.… Read the rest

The future of proxy advisors – is there one?

Sarah Wilson, CEO of Manifest spoke at the ICGN London Meeting on 20th March 2012.
Her presentation at the breakout session “the future of proxy advisory” was based on the following article.

Proxy advisors – sorting fact from fiction

Don’t confuse what you’ve become familiar with over the last few months about the so-called “tyranny of proxy advisors” with the truth.… Read the rest

Cronyism: remuneration consultants – half as bad as bankers?

In this guest article, Cliff Weight of remuneration consultants MM&K responds to a comment from David Brimacombe, senior advisor to Nestor Advisors on our January piece:  ‘Remuneration Committee “Cronyism” – digging deeper’. The article was written in response to assertions from the UK’s prime minister David Cameron and cabinet colleagues that shareholder’s had failed to tackle remuneration committee independence and that serving CEOs were sitting on each other’s committees awarding themselves massive salary increases.… Read the rest

AMF Consults on French General Meetings

The AMF, the French equivalent of the FSA, has finally published an English language version of its February 7th report on the conduct of General Meetings at French listed companies.

The report deals with the four broad themes of dialogue between shareholders and issuers, shareholder voting at general meetings, the board of the general assembly and its role, and voting on regulated items.… Read the rest

More shareholder rights or better plumbing?

More rights for shareholders is one of those sure-fire political winners which would seem churlish to object to. But, with the publication of the UK’s proposals to fix the “payments for failure” fiasco, it looks like the UK government is going to (again) miss a golden opportunity to give shareholders ALL of the tools that they need to fulfil their stewardship responsibilities.… Read the rest

BIS consults on enhanced shareholder powers on executive pay

Vince Cable, Secretary of State for Business, Innovation and Skills, this week announced the latest government consultation on executive pay, this time aimed specifically at enhancing shareholder voting rights on the matter.

The consultation seeks opinions on the following outline policy proposals:

  • An annual binding vote on future remuneration policy
  • Making the vote on future remuneration policy subject to a super-majority threshold
  • An annual advisory vote on implementation of policy in the previous year
  • A binding vote on exit payments of more than one year’s base salary

Looking at the proposals themselves, it is clear they will have an impact on service contracts, possibly requiring the re-negotiation of some in order to ensure they eradicate ‘guarunteed’  bonuses or loss of office amounts which would come under the purview of direct shareholder approval.… Read the rest

GES 1992-2012 – What works in ESG engagement?

 
Manifest’s friends GES invite you to their London 20th anniversary seminar and new website.

GES celebrates its 20th anniversary by hosting a high-profile seminar in London exploring the future for Responsible Investment. At the same time, GES launches a redesigned website.… Read the rest

NEST Appoints Manifest & Co-op in Responsible Investment Partnership

The National Employment Savings Trust (NEST) has appointed The Co-operative Asset Management (TCAM) and Manifest to support its responsible investment strategy. In an innovative joint tender, TCAM and Manifest outlined an robust solution to manage and develop NEST’s evolving stewardship responsibilities. … Read the rest