News of Snap Inc’s pending IPO arrived too late for our usual weekly round-up, but no matter, now that the full implications of the disappearing photo-apps disappearing votes have started to sink in, we can take a moment to reflect on what this really means for investors and good governance.… Read the rest
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
A majority of Sports Direct independent shareholders remain sceptical of governance improvements at the troubled retailer and last week voted against the re-election of its chairman, Keith Hellawell. Under UK listing rules, the retailer had been forced to hold a general meeting to vote again on his reappointment after most independent shareholders voted against him at the company’s AGM last September.… Read the rest
The Organisation for Economic Co-operation and Development (OECD) is consulting on general Due Diligence Guidance for Responsible Business Conduct and supplemental advice to provide practical support to companies on the implementation of the OECD Guidelines for Multinational Enterprises.
Over half of the Sky’s (LON: SKY) independent shareholders rebelled against the election of James Murdoch as a non-executive director at last week’s AGM following his appointment as chairman earlier this year.
Overall Murdoch received 71.6% support for his re-election, the lowest vote in favour of any of the AGM’s resolutions.… Read the rest
Royal Dutch Shell experienced a relatively modest level of investor opposition to its executive remuneration report at its recent AGM with a 14% vote against, this follows the rival oil company BP’s loss of its pay vote last month. However, Manifest data shows it is the highest level of opposition Shell has received in the past six years – although it hovered between 10% and 11% between 2012 and 2014.… Read the rest
Shareholder resolutions requesting reporting on how oil companies ExxonMobil and Chevron will adapt to climate change targets received record investor backing at their AGMs last week (25th May), according to US pressure group, Ceres.
The resolution that would have required ExxonMobil to prepare an annual report examining the implications to the company’s business if world leaders follow through on their pledges to keep global warming to less than 2 degrees Celsius, above pre-industrial levels, received 38% of the vote while a similar resolution put before Chevron’s investors got 41% backing from shareholders.… Read the rest
Investors showed their concerns over executive pay at more AGMs this week. The largest rebellion was at bookmaker Ladbrokes which faced a 42% vote against its remuneration report – this was just above the 40% vote against received last year.
Ladbrokes has agreed to merge with another betting company, Coral, and stated in its annual report that it would undertake a review of the remuneration policy of the combined company once the deal is completed.… Read the rest
Mining group, Rio Tinto, which is dual-listed in the UK and Australia, avoided a large scale rebellion over its remuneration report although there was a higher level of dissension than in previous years. The voting results were announced following the Australian AGM – Rio Tinto plc held its AGM last month.… Read the rest
Shareholders have again showed their discontent over excessive executive pay packages with large votes opposing remuneration reports and policies. Engineering company Weir lost its binding vote on its remuneration policy – with a 72% vote against – while at building materials supplier CRH there was a 41% vote in opposition to its policy although in its case the vote was advisory as the company is not incorporated in the UK.… Read the rest
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