May 2, 2018

Unilever shareholders give tepid support to new pay policy

Institutional Shareholder Services, a proxy adviser to the world's biggest investors, last month recommended voting against the pay policy, citing concerns about the potential for big increases in fixed pay and bonuses. Marijn Dekkers, chairman of Unilever, defended the pay policy in front of shareholders gathered at the Queen Elizabeth Hall along the Thames in what was likely to have been the group's final annual meeting before another vote this year on its decision to become a Dutch company. ISS said that though the new pay policy did have some "Notable improvements", it was concerned about "The change from base salary to a consolidated 'fixed pay' structure, particularly as a result of increases to both fixed pay and the annual bonus potential". Unilever's 2017 pay policy was supported by more than 95 per cent of shareholders. Shareholders in Unilever's Dutch NV company are to vote on the pay policy on Thursday at their annual meeting.

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