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DCC makes Irish say-on-pay history

DCC plc have become the first Irish-incorporated company listed on the Irish Stock Exchange to include an advisory say-on-pay resolution on the agenda for the annual general meeting. In proposing the resolution, proposed on a voluntary basis as a management-sponsored proposal, the Company has set a new gold standard for Irish companies to aspire to in terms of AGM best practice. The Company already requires each of the directors to stand for re-election annually.

The Chairman’s letter accompany the AGM states:

“Resolution 3 deals with the approval of the Report on Directors’ Remuneration and Interests as set out on pages 52 to 55 of the Annual Report and Accounts. From 2009, the Directors have decided to put the Report on Directors’ Remuneration and Interests to a shareholder vote. There is no legal obligation on the Company to put such a resolution to shareholders, so it is an ‘advisory’ resolution and is not binding on the Company. The Board believes that such a resolution is good practice and is an acknowledgement of a shareholder’s right to have a ‘say on pay’.”

The Company proposed the resolution following receipt of a shareholder resolution requisitioned by Manifest in May 2009.

What do you think?