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.

MPs launch corporate governance inquiry

The House of Commons’ Business, Innovation, and Skills (BIS) Committee has launched an inquiry on corporate governance, focussing on executive pay, directors duties, and the composition of boardrooms, including worker representation and gender balance in executive positions.

This follows the committee’s inquiries into the corporate collapse of retailer, BHS, and the working practices at Sports Direct and the More…

UK boards should examine bonus pay structures CIMA suggests

The UK has the second-least meritocratic bonus system in the world, according to a global poll of 6,500 financial decision makers carried out by the Chartered Institute of Management Accountants (CIMA). The organisation is calling for bonus systems to be designed to encourage long-term success rather than only short-term performance.

The main concern expressed by professionals’ about bonuses More…

TUC criticises UK pay gap

The TUC has claimed that it took the the UK’s highest paid chief executive (CEO), Martin Sorrell, less than 45 minutes to earn what an average UK worker earns over an entire year, following its analysis published at its annual congress held this week.

Sorrell, the CEO of WPP, was paid £70 million in 2015, which according More…

UK government to consult on PMs corporate governance pledges

Prime Minister Theresa May, speaking at the end of her first G20 summit held in Hangzhou, China, pledged to bring forward a consultation paper this autumn suggesting reforms to corporate governance at UK companies.

This indicates that May will be taking action on issues she first raised at the start of her campaign to stand as Conservative Party More…

ShareSoc urges a vote against excessive pay at housebuilder Berkeley

Tony Pidgley CBE
Chairman of Berkeley

Tony Pidgley CBEChairman of Berkeley

ShareSoc, which represents individual shareholders in the UK, is advising its members to vote against the remuneration report of house builder Berkeley Group at its AGM on 6th September.

Tony Pidgley, co-founder and executive chairman, of Berkeley, received £21m in the financial year ending 2016 and £23m in the previous More…

Top UK companies and investors update say on pay guidance

GC100

The UK’s GC100 and Investor Group – made up of top general counsel, company secretaries and corporate governance heads at fund manager groups – has published its latest remuneration reporting guidance replacing the original version which was produced following the updating of pay disclosure regulations in 2013 which included the introduction of binding remuneration policies approved at More…

Powers to publish pay gap reporting regulations to come in to force in the UK

Justine Greening MP

The UK government will have the power to make, through regulations, the framework for gender pay gap reporting by companies with 250 or more employees when Section 78 of the Equality Act 2010 comes into force on 22nd August.

Section 78 states that the regulations may require employers to publish More…

UK's Executive Pay Working Group releases final recommendations

The Executive Remuneration Working Group, supported by the UK’s Investment Association, has produced 10 recommendations aimed at regaining the public’s trust on executive pay, simplifying the pay structures of top company bosses and improving the alignment of their interests with those of their shareholders in its recently published final report.

Nigel Wilson CEO of Legal More…

Companies and investors need to act on executive pay, PwC believes

Tom Gosling of PwC's Reward Practice

While regulation on directors’ pay can be counter-productive the business community needs to address the concerns of politicians and the wider public about pay inequality in the UK, advisors PricewaterhouseCoopers (PwC) have warned in a report. This is a response to Teresa May’s pledge to tighten up executive pay regulation made just before she became Prime More…

UK's pay reporting rules did not curb executive pay

The initial response of the top UK companies to new reporting requirements was not to curb executive pay or improve the link CEO pay and firm performance at FTSE 100 companies, but led instead to “opportunistic reporting for the sake of reputation management,” says a study from Cambridge Judge Business School and King’s College London.

The research More…