Welcome to Manifest-I

Welcome to Manifest-I the blog of Manifest Information Services Ltd. Here we take a wide ranging view of topical governance and stewardship issues. Please feel free to add your comments and join the debate. Sign up to receive free weekly updates.

Manifest is a signatory of the Best Practice Principles for Shareholder Voting Research

Delivering Diverse Viewpoints

In the pursuit of secure investment returns, diverse viewpoints based on high-quality data and varied information are critical for portfolio construction. We believe that share ownership is no different. Manifest intelligently navigates the complexities of global governance and voting delivering actionable and defensible stewardship insights.

Manifest: showing, not telling

Get in touch to find out more about Manifest's governance research, data and advisory services

GVC Holdings says it is responding to shareholder pay concerns

GVC Holdings pay concerns

Shareholders in FTSE 250 company, GVC Holdings voted heavily against its remuneration report at its AGM this week (20th June). However, the betting firm voiced its commitment to engaging with shareholders and has recruited a new chair of its remuneration committee to show it is developing a new approach to executive remuneration.… Read the rest

US pension funds urge for opposition vote at Mylan over executive pay

Mylan director pay vote

A coalition of institutional investors is gathering support for a campaign for a vote against six directors and executive pay at the pharmaceuticals company, Mylan which has faced controversy over raising prices for its EpiPen product. Its AGM is due to take place on 22nd June.… Read the rest

Morrisons: Remuneration report vote passed narrowly

Morrisons vote pay

Shareholders in Morrisons only narrowly backed the supermarket chain’s remuneration report at the AGM vote this week (15th June) with the proxy voting results showing that the company received a 48% vote against. However, the binding vote on its remuneration policy was passed with 92% support.… Read the rest

RLAM’s Glencore governance worries flagged in AGM results

Glencore Royal London Asset Management

Royal London Asset Management (RLAM), voiced concerns about the unusual remuneration and board structure of Glencore ahead of its May 24 AGM.

The voting results show RLAM’s concerns may have been shared by other shareholders. While all Glencore’s resolutions were carried,  the figures showed dissatisfaction with the board with the nomination committee chairman Peter Grauer polling 13.92% vote against.… Read the rest

ShareAction: Investors to oppose BP and Shell’s pay policies

BP remuneration policy

Responsible investment pressure group, ShareAction is calling on investors to oppose the executive pay policies of oil companies, Shell and BP, arguing that they are not aligned with the long-term interests of shareholders.
ShareAction said that the remuneration for executives at both oil companies is rewarding the achievement of corporate strategies which could put shareholder value at risk as the economy shifts towards low carbon energy production.… Read the rest

BP reduces CEO remuneration and proposes a simpler pay policy

BP remuneration policy

Oil giant BP, which last year lost its advisory vote on its remuneration report at its AGM,  has reduced the pay of its chief executive, Bob Dudley, and will propose a simpler pay policy to shareholders at this year’s meeting on 17th May.… Read the rest

Bombardier back tracks on executive pay rises

An outcry from politicians and the public has forced Canadian train and aeroplane manufacturer Bombardier to back track on planned pay rises for executives after it had announced job losses and accepted a loan from its government.
Bombardier pay rises

Canadian PM Justin Trudeau forced to defend Bombardier pay rises

Following the release of the notice of its annual general meeting in May and its annual disclosure of executive remuneration there were public protests outside the Bombardier headquarters in Quebec against the pay rises.… Read the rest

WPP: did shareholders look before the LEAP?

WPP Martin Sorrell pay

WPP, whose chief executive Sir Martin Sorrell last year caused headlines for a £70m pay package, has announced its final investment performance figures for its controversial long term incentive scheme, LEAP.

The WPP figures show that Sir Martin Sorrell would receive £41.5m from the LEAP scheme for 2016 – compared with their value of 20.69m when the shares were granted in 2012.… Read the rest

Board gender pay gap revealed in Singapore

Singapore board diversity

More evidence of board gender diversity challenges were recently revealed, this time in Singapore. Female directors at companies listed on the Singapore Stock Exchange (SGX) are paid 56.8% of male directors’ remuneration on average indicating a 43.2% pay gap according to research by the National University of Singapore’s (NUS) Business School.… Read the rest

Thomas Cook: joined up voting on pay

Thomas Cook pay

Travel company, Thomas Cook received a warning on pay this week at its AGM when the voting results showed that some investors at starting to take a joined up approach to remuneration-related voting. This is a signal to all companies seeking approval for their remuneration policies and new incentive plans this year that shareholders do not want the potential for excessive awards under these schemes.… Read the rest

UK Church Investors Group warn on CEO pay

Church Investors Group CEO pay warning

The Church Investors Group (CIG) has written to all FTSE 350 company secretaries outlining its revised voting policy for 2017 which includes a tough stance on executive pay. The CIG brings together the major church-based institutional investors and with their combined assets of approximately £ 17 billion aims to increase their impact through the joint voting policy.… Read the rest

Engagement fail: Imperial Brands pay policy stubbed out

Imperial Brands Pay Proposals Stubbed Out

Despite attempts at investor engagement, tobacco firm Imperial Brands has withdrawn the resolution amending its policy at its AGM next week (1st February). The company said that that the decision followed consultations with shareholders, and that the existing policy  approved by shareholders at its 2015 AGM  will continue to apply.… Read the rest