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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.

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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

UK General Election: Theresa May pledges boost in workers rights

UK General Election workers rights

The UK’s general election campaign highlighted workers rights and representation as well as executive pay.

With the main parties launching their manifestos this week the Conservative Party reiterated its commitment, that appeared in the government’s corporate governance green paper, to improve worker representation on company boards.… 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

Purposeful Company Task Force: Corporate governance reform could boost UK economy

UK corporate governance

The UK’s Purposeful Company Task force, set up by the Big Innovation Centre, has called for major changes in corporate governance, asset management and backed the Financial Reporting Council’s proposal for company’s to report on how directors are having regard to stakeholders as required under company law.… Read the rest

S&P 100 companies increase disclosure on investor engagement

Nearly half of S&P 100 companies included information in 2016 that showed how they responded to shareholder concerns and made changes to policies, according to a new report from US corporate adviser, Equilar.

 

In 2016 42% of S&P 100 companies included disclosures in their proxy statements on how they modified their practices after engaging with shareholders compared to just 14% in 2012.… 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