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Major firms slammed for ignoring shareholder revolts on pay

Payment-Fine-Currency-Money-700.jpgThe Investment Association has criticised 32 FTSE-listed companies for failing to address shareholder concerns over issues like excessive executive pay.

The trade body has written to “repeat offenders” who have faced revolts on the same resolution in successive years, including Astrazeneca, WPP and Berkeley Group.

More than half of the rebellions in question took aim at director pay packets.

The Times reports that the IA’s recently launch public register, which lists companies hit by more than 20 per cent of votes against any resolution at their annual meetings, will now be expanded to flag up companies that that appear for the same resolution in each of the last two years.

Overall, shareholder revolts at AGMs are up around 20 per cent this year, IA data suggests.

The Times quotes director of stewardship and corporate governance Andrew Ninian as saying: “[The register] should act as a warning to companies. We expect these companies to provide an update statement to their shareholders on the engagement they had since the AGM vote, views heard from shareholders and follow-on actions taken.”

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There is one comment at the moment, we would love to hear your opinion too.

  1. I think capitalism became unfashionable with wider share ownership. It’s alright for the oiks to give us their capital to play with, but they’re not going to get much of a share in the benefits!

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