PIRC : independent research and advisory consultancy

PIRC is the UKs' leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility. Since 1986, it has been the pioneer and champion of good corporate governance within the UK.
Authoritative resource
PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its Corporate Governance Service is an authoritative and vital resource for active investors, whilst its widely-read Shareholder Voting Guidelines provide a market-wide benchmark for investors and forms part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors.

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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.

The level of opposition at Smith & Nephew will surely make it one of the biggest oppose votes on remuneration this season, if not the biggest. Earlier in April BP saw a fairly significant level of investor opposition to its pay policy for the second year running. This year around 9% of shareholders voted against the remuneration report with a further 27% abstaining. Again PIRC had recommended opposition.

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