Manifest-I

Welcome to Manifest-I the blog of Manifest, the proxy voting agency. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate.

White House on diversity & pay: “full disclosure”

On the seventh anniversary of the first piece of legislation signed into law by US President Obama, the White House has announced a series of  steps designed to promote work place diversity and equality.

According to a briefing produced to the Council of Economic Advisors, the U.S. gender pay gap is currently More…

Stelios Haji-Ioannou opposes easyHotel's remuneration report

The founder of the Easy group of companies, Sir Stelios Haji-Ioannou, used his 49% stake in easyHotel, to vote against the company’s directors’ remuneration report leading to a majority opposing the resolution to approve the report at its recent AGM. Votes on the other resolutions were withheld.

Haji-Ioannou is the largest shareholder in the Aim-listed company. A statement from easyGroup, his private investment More…

Oxfam calls for action on tax havens to reduce wealth inequality

As the global rich and powerful gathered for the World Economic Forum (WEF) annual meeting, Oxfam released a report which it claimed showed  62 people own as much as the poorest half of the world’s population.

An Economy for the 1%, shows that the wealth of the poorest half of the world’s population – 3.6 billion people More…

Call for change of approach towards Chief Executive pay

Despite recent policy changes by the last UK Coalition Government chief executive (CEO) pay has still been rising and, according to a recent report by the Chartered Institute of Personnel and Development, current executive reward practice is based on misplaced assumptions about the motivating force of money.

The research, The power and pitfalls of executive reward: A behavioural perspective, found that  the More…

Bank of England proposes toughening bonus rules

The Bank of England is proposing to strengthen the remuneration requirements on buy-outs of variable remuneration for those regarded as material risk takers at banks, building societies and designated investment firms regulated by the Prudential Regulatory Authority. These proposals are, the Bank of England said, an important addition to the current remuneration rules which seek to More…

Top bosses’ pay surpassed the average UK worker’s annual salary after just two days think-tank claims

By the first Tuesday of 2016 (5th January) the UK’s top bosses made more money in 2016 than the average UK worker earns in an entire year, according to think tank, The High Pay Centre.

FTSE 100 chief executives are paid an average £4.96 million a year according to the government’s ‘single figure’ measure compared to the UK full-time average salary More…

Investors pay high price for Australian CEO departures

Nearly $A30 million in payouts to departing chief executives (CEOs) helped to increase the pay of the 300 highest-earning Australian CEOs by 5%, who for the first time will receive an average pay packet of more than $3 million a year, according to The Australian Financial Review Salary Survey 2015.

The publication reports that the average CEO’s pay packet is now more More…

Sports Direct criticised for low pay of warehouse workers

The shares of UK sports clothes and equipment retailer, Sports Direct, took a hit this week, despite reporting increased profits, following an investigation by the Guardian newspaper which it said revealed that workers at its new Shirebrook warehouse are receiving effective hourly rates of pay below the minimum wage.

The Guardian found that Sports Direct warehouse staff – who More…

Have top pay awards started creeping up again?

The Manifest Executive Total Remuneration Report 2015 tells the story

After recent years of falling pay awards for CEOs, the annual Manifest remuneration survey suggests that top pay awards are going up again, especially the awards of long-term incentive grants. The Manifest 2015 Executive Total Remuneration Survey, produced in association with MM&K, tells the full story of More…

The key to good disclosure is the cost of extracting the value

The recent decision by the SEC to adopt a CEO-to-median pay ratio disclosure rule in the US was a near run thing. The SEC commissioners were split on the issue. The vehement opposition to ratio disclosure expressed in the 5 year gap between Dodd Frank legislation and SEC rule adoption has found a new channel. After lobbying from More…