Some of the country’s most high-profile companies have been named in a new report highlighting those persistently facing shareholder rebellions over boardroom pay.
The National Association of Pension Funds (NAPF), which represents workplace pension schemes holding £900bn in assets, singles out “repeat offenders” subject to successive years of dissent from investors on remuneration.
Last year, 28 FTSE 100 and FTSE 300 companies were the target of investor dissent on pay, according to the NAPF analysis of the annual general meeting season. By mid-August this year, eight of these companies were still under fire over boardroom remuneration.
The “repeat offenders” named in its report include easyJet, FirstGroup, Lonmin, Mitie, Ocado, Ophir Energy, SVG Capital and Capital & Counties Properties.
“To receive significant shareholder dissent on remuneration one year might be regarded as a misfortune, but to do so a second year really does not reflect well,” said Will Pomroy, corporate governance policy lead, with the NAPF.
“We urge all those firms whose shareholders have so clearly signalled their dissatisfaction this year to begin in earnest a conversation to resolve the concerns well ahead of next year’s AGM season.”