Aug 29, 2018

Shareholder rebellions over high pay double in a year

Shareholder rebellions over high executive pay at the UK's biggest companies have doubled this year, with companies from AstraZeneca to BT and Shell suffering big protest votes at their annual meetings. High pay has risen up the agenda for investors in the face of sustained public anger and criticism from politicians over big payouts for corporate bosses. The number of pay resolutions at FTSE 100 companies where at least 20 per cent of votes were against management was 18 by the end of July, compared to nine during the same period in 2017, according to a public register that tracks shareholder rebellions. Including AstraZeneca, Old Mutual and WPP, have had pay protests over high pay for two consecutive years or more. A corporate governance specialist at a big UK investor added that investors were more willing than ever to target individuals who agree to high pay packages.

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