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Single Figure Calculations prove tricky for Legal & General

The insurer and institutional investor Legal & General plc (L&G), had to correct its annual report pay figures for chief executive, Nigel Wilson, on the eve of its AGM last week (26th May).

L&G, whose investment division LGIM is active in corporate governance issues, admitted that awards from Wilson’s 2012 performance share plan had not been included because originally they had looked at the 2016 exercise date rather than when they vested in 2015. As a result Wilson’s total pay in 2015 should have been reported as £5.5m rather than £4.7m as it had been in the annual report. L&G received 97% backing by investors for its remuneration report.

Meanwhile, Germany’s, Deutsche Bank received a 51.9% rejection of its pay package for its management board members while at US investment bank Goldman Sachs 33% voted against the executive pay resolution at their AGMs both held last Friday (20th May). Manifest has graded Goldman Sachs F for its remuneration policy with poor practices including short and long-term incentive plans with unlimited payout potential and a cash bonus plan paid entirely at the discretion of the remuneration committee. Deutsche Bank’s remuneration policy was graded D by Manifest which noted that bonuses were being paid out to directors despite losses at the bank.

What do you think?