Monsanto Shareholders Send Message on Pay

S&P 500 constituent Monsanto Company yesterday became one of the first US companies to hold its AGM following the introduction of the new US rules requiring an advisory vote on the remuneration of the directors and an advisory vote on the frequency of such a vote. Shareholders did not follow the management …… continue reading >>

Law on ‘unfair remuneration’ one step closer in Switzerland

The Swiss Council of States (the upper house of the Swiss Federal Assembly) has discussed an amendment to Swiss company law in an attempt to encourage Thomas Minder to withdraw his proposed referendum to insert provisions on directors pay into the Swiss Constitution. The Council of States has argued that regulations on …… continue reading >>

Irish Corporate Governance Code consultation opened

A consultation paper has been published by the Irish Stock Exchange in which it proposes the introduction of an Irish Corporate Governance Code, a draft copy of which has been published. The proposed Code supplements the existing Combined Code (being renamed the UK Corporate Governance Code) with some …… continue reading >>

Commission consults on Corporate Governance green paper

The European Commission has this week launched a consultation, in the form of a green paper, in preparation for taking measures to enhance corporate governance in financial institutions and remuneration policies.

It is significant that the Commission is keen to avoid killing the spirit of what it is trying to …… continue reading >>

Australian pay reforms set global standard

Australian  Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen has delighted Australian shareholders with plans to introduce extensive executive remuneration reforms designed to force boards to be more accountable and give shareholders more power.

Chris Bowen MP

In a ringing endorsement of the Productivity Commission’s review of executive …… continue reading >>

Verizon Communications give $18.5m pay off to "retiring" executive

The preliminary proxy statement filed by Verizon Communications ahead of their AGM on 6 May has revealed that the former President and Chief Operating Officer, Dennis Strigl, who retired from the company effective 31 December 2009, will receive a separation payment of some $18.5m, to be paid in July 2010.

The origin …… continue reading >>

German companies engage on pay ahead of first say-on-pay votes

In a move highlighting the changing landscape of shareholder-company relations in Germany, two DAX 30 constituents are meeting with investors in advance of the first shareholder votes on executive pay. Top executives from Siemens AG and Thyssen-Krupp AG — which will convene AGMs on 26 January 2010 – will huddle with several key investors today, with executive remuneration likely to be …… continue reading >>

Australia’s Productivity Commission delivers report on exec pay

Australia’s Productivity Commission will submit its final report on executive remuneration to the Federal Government on 19 December. The Productivity Commission was asked to undertake a public inquiry into the regulatory framework around remuneration of directors and executives of companies regulated under the Corporations Act. It was asked to make recommendations on …… continue reading >>

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