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[May 17, 2014]
Shareholders Biggest investor revolt blocks bosses' bonuses
(Guardian (UK) Via Acquire Media NewsEdge) The biggest shareholder revolt of the year took place at the engineering company Kentz, which is tearing up its executive pay plans. It is the first time that investors have voted down a company's pay policy - which covers proposals for paying staff over the coming three years. The binding vote on future pay was introduced in October by the business secretary, Vince Cable, right.
Shareholders in Kentz rejected not only the pay policy but also the remuneration report.
It is the first time that a company listed on the London stock market has had both voted down, and it also the first time that Kentz had put its pay policies to a vote because it had been exploiting a loophole to avoid doing so as it is registered in Jersey.
Some 51% of shareholders voted against the remuneration policy while 54% voted against the remuneration report.
At other annual meetings yesterday, protests were registered at Bovis Homes, where almost 25% of investors failed to back the remuneration report, and at gold miner Centamin - a focus of the 2012 shareholder spring -40% of investors failed to support the pay report.
(c) 2014 Guardian Newspapers Limited.
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