For more information about PIRC or to arrange a meeting, contact Janice Hayward, or call us on 0207 247 2323.
Smith & Nephew sees big vote against remuneration report
Medical equipment company Smith & Nephew saw a large vote against its remuneration report at its AGM last week. Around 32% of votes were cast against the remuneration report, with almost 7% abstentions. PIRC had recommended that shareholders oppose the report. This was in part due to termination provisions, but also because Smith & Nephew had changed the performance measures and targets under the Performance Share Plan without seeking shareholder approval.
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Squabble over bank pay
Last week saw a bit of squabble between the City and the Bank of England over whether high pay in the banking sector is a problem or not. Bank Governor Mervyn King kicked things off when he told the Treasury Select Committee last week the way that remuneration was structured had encouraged excessive risktaking.
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Aflac passes first pay vote test
Aflac has seen its executive compensation policy win widespread shareholder approval, becoming the first US company to allow a socalled ‘say on pay’. According to reports, 93% of votes were cast in favour of Alfac’s policy, with about 2.5% against. PIRC had recommended that shareholders oppose the policy. An increasing number of US companies
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