This page offers in-depth analysis of executive remuneration at a range of public companies. Our detailed reports are only available to logged in full members of ShareSoc. If you are not a full (subscribing) member, you can subscribe here. If you are a full member and are having difficulty accessing these reports, please contact our office.
Attached is a copy of the Minerva report on Lloyds, which is rated a D on the scale A(excellent) to F (Flipping Awful). LloydsBankingGroupplc-2
Minerva also give a D to Persimmon MinervaPersimmonplc.pdf
Total remuneration is considered to be positioned above expectations given the Company’s size and scale, its sector and its performance.
The remuneration package is excessively weighted towards performance-pay.
AGMs are very useful. They enable investors to monitor what management is doing. I recommend Shareholders attend AGMs and give notice beforehand of questions they plan to ask. A politely asked question, when given advance notice will usually produce a much better response, in my experience, than an aggressive one shouted from the floor. If the company knows you will be there they usually do their best to answer your question. And you can always follow up afterwards or before the ...
Chrysalis VCT - a good story - NEDs own lots of shares
My wife owns shares in Chrysalis and just received the annual report, which I read. Chrysalis (market cap £18m, discount to net assets of 25%), pays an excellent dividend of 8p a share (2017) on the current share price of 60p.
10 year return is 137% which vastly exceeded the index - Morningstar VCT Generalist Post-Qualifying of 23.46%.
It is good to see the NEDs themselves own lots of shares Martin Knight, ...
Attached are comments on the remuneration of the 4 companies who presented at the ShareSoc Investor Seminar on 8 November in London.
Trinity Exploration and Production
I have written the following article which has been published in Executive Compensation Briefing Magazine. I could not resist giving RBS some muted praise for getting 96% approval for their new LTIP, whilst criticising them for their wimpish implementation, which just adds more complexity.
DRR of the Month - Royal Bank of Scotland
This month ECB editorial board member Cliff Weight comments on the new LTIP at RBS, previously reviewed in the March ECB .
The new RBS LTIP is epoch-making. The RBS approach ...
BP 2017 AGM Recommendation. Shareholders are advised to vote against the remuneration report and the new Policy at this company.
BP - The Manifest report is attached. BP is graded E for Remuneration (on A to F scale!), which is pretty bad. Manifest reasons were:
Report - Issues:
No clearly identifiable link is noted between the performance measures used in the incentive pay elements and the key performance indicators identified in the business review.
The level of the upper bonus cap for certain ...
Persimmon Voting Recommendations
ShareSoc is opposed to the Remuneration Policy of Persimmon Plc. We therefore recommend VOTING AGAINST the Persimmon AGM resolutions as follows: Remuneration Policy (Resolution No. 2), Remuneration Report (No. 3), Remuneration Committee Chair Jonathan Davie (No. 8) and the 2017 Performance Share Plan (No. 14).
How can the Remuneration Report almost completely ignore the existing LTIP awards? There is no mention of the £100 million share scheme for Persimmon CEO Fairburn in the new remuneration policy, other than to say ...
Pay Revolts and Rolls-Royce Voting Recommendations
According to a number of press reports we seem to be heading into the AGM season with another year of pay revolts. There are also rumours that Mrs May is to proceed with introducing annual pay votes.
Chris Cummings, CEO of the Investment Association, writing for the Guardian said "Too many people still feel they are not sharing this country's prosperity. Companies can either act responsibly now and shape a more responsible 21st-century corporate Britain or they ...
(2017 AGM) Attached is the Manifest Report. Manifest Executive Remuneration Assessment grade 'C’ (on scale A =good to F=awful)
Resolution 2 Report: The bonus cap has been set a high level at 150% of salary. Salary rates for the forthcoming year have not been provided. Company Law states that performance targets must be disclosed unless the Company considers the targets to be commercial sensitive; however, the Company has provided no explanation for the non-disclosure under the bonus scheme for future targets.
Manifest has ...