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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

Upcoming Renault AGM results will be closely watched by investors

Renault governance pay

French carmaker Renault will be holding its AGM on 15th June and its voting results will be closely watched due to longstanding concerns about its governance and after its vote on pay was defeated last year.

The pay of Carl Ghosn, chief executive and president, was under scrutiny last year and only received 46% of votes in favour of his pay package. … Read the rest

Shareholders vote down Pearson’s remuneration report

Pearson remuneration report

Educational services company Pearson, lost the vote on its remuneration report at its AGM last week (5th May). There were also significant votes opposing the company’s remuneration policy and the re-election of the remuneration committee chair.

If abstention votes are included in the total of votes there was a 61% vote against the remuneration report, 32% vote in favour and 7% abstention rate.… 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

Shareholders reject Crest Nicholson’s pay report

Crest Nicholson logo

FTSE 250 construction company Crest Nicholson, which emphasises its sustainable approach to housing developments, had its remuneration report rejected by shareholders at its AGM this week. There was a 58% vote against the non-binding annual remuneration implementation report. In a separate binding vote on the company’s remuneration policy there was a 96% vote in favour.… 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

EU: Shareholder Rights Directive Mk II

Flag of European Union

The EU’s council of permanent representatives has endorsed an agreement between the Slovakia, which holds the presidency of the European Council,  and the European Parliament that agrees revisions to the second Shareholder Rights Directive.

EU institutions agree on need for more shareholder engagement

Lucia Žitňanská, Minister for Justice of Slovakia said: “The financial crisis revealed that in many cases shareholders supported excessive short-term risk-taking by managers.Read the rest

Australian proxy voting season: Shareholders show their muscle

Shareholders of Australian companies are showing their muscle in this year’s proxy season with significant opposition votes over the governance of retailer Harvey Norman and a rejection of executive pay at the Commonwealth Bank of Australia.

The Australian Shareholders Association has called on the chairman of  Harvey Norman, Gerry Harvey, to resign and for an independent non-executive director to replace him.… Read the rest

US Council of Institutional Investors objects to latest Finance Bill from House committee

The US Council of Institutional of Investors (CII) has written to the House of Representatives’ Financial Services Committee objecting to a number of proposals in its Financial CHOICE Act – which has now been approved by committee.

This proposed law is part of earlier attempts by the Committee – in a series of bills passed in the summer – to repeal large chunks of the Dodd-Frank Act which was enacted following the 2008 financial crash and subsequent recession and aimed to address some of the failings of the financial system.… Read the rest

ShareSoc urges a vote against excessive pay at housebuilder Berkeley

Tony Pidgley CBE Chairman of Berkeley

Tony Pidgley CBE
Chairman of Berkeley

ShareSoc, which represents individual shareholders in the UK, is advising its members to vote against the remuneration report of house builder Berkeley Group at its AGM on 6th September.

Tony Pidgley, co-founder and executive chairman, of Berkeley, received £21m in the financial year ending 2016 and £23m in the previous year.… Read the rest

Companies and investors need to act on executive pay, PwC believes

While regulation on directors’ pay can be counter-productive the business community needs to address the concerns of politicians and the wider public about pay inequality in the UK, advisors PricewaterhouseCoopers (PwC) have warned in a report. This is a response to Teresa May’s pledge to tighten up executive pay regulation made just before she became Prime Minister and reported on in a previous blog.… Read the rest

Institutional investors accused of not doing enough to curb excessive US CEO pay

Leading mutual funds and pension funds so far have taken little action to curb the pay of chief executives (CEOs) in the US according to a report by As You Sow, a non-profit organisation that promotes environmental and social corporate responsibility through shareholder advocacy.… Read the rest