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.
The Sunday Times on 15 Jan 2017 http://www.thetimes.co.uk/article/imperial-on-the-rack-over-bosss-b... Wrote- (the following is a summary) of the article)
Tobacco giant Imperial Brands is facing a shareholder rebellion over plans to award its chief executive a pay packet worth as much as £8.5m a year.
Under the new proposals, Alison Cooper, who was paid £5.5m last year, would earn a significantly higher bonus if she hits certain performance targets. The Sunday Times has learnt that at least one of the company’s top 10 investors will ...
Serious concerns from Manifest on this one.
Manifest report: In light of our analysis, the findings of an independent review by PWC and low quality disclosures, Manifest believes that the Company has a long way to go to meet the standards expected of a Premium-listed company, particularly in respect internal control and risk management.
Shareholders may wish to focus their stewardship engagement, and seek assurance on:
Director appointment process,
Internal controls and
There is a full write up by Mark Bentley here https://sharesoc.wordpress.com/2016/11/08/red-faces-at-redcentric/, but I thought members should have a specific comment from me on their remuneration.
Firstly, we have share trades by Redcentric’s CEO:
On 24th June Fraser Fisher exercised 200,000 options at a price of 70p and sold them all at 180p, realising a gross gain of £220,000
On 9th September he exercised a further 285,000 options at 70p and sold them all at an average of 182p, realising a further gross gain of ...
Vipera presented at ShareSoc Richmond on 6 Sept 2016. I looked at their annual report and it looks an interesting company with a market cap of only £11m and turnover of £5m, which for a small IT company, the 2x turnover ratio gives it scope to grow. With CEO Marco Casartelli owning 11.76% and modest pay ( €60,000 in 2015) the executives reward is going to come mostly from equity gains. This form of reward structure I like and is a ...
link to CityAM article quoting ShareSoc views
Sports Direct. Attached is the Manifest Report. Manifest Executive Remuneration Assessment is grade 'B’ (on scale A =good to F=awful)
However, a number of other corporate governance issues are highlighted and ShareSoc members may find this report of interest.
ShareSoc issued a press release advising members to vote against the remuneration report resolution at Berkeley . https://www.sharesoc.org/pr82-berkeley-remuneration.html
Only 13% of shareholders voted against the remuneration report at the AGM.
Cliff Weight, ShareSoc Director, attended the AGM and talked to the remuneration committee chairman Glyn Barker after the meeting. Cliff reports “ I explained ShareSoc point of view, that the 14% dilution is excessive and should have been half of this amount. Glyn Barker was appointed as a non-executive director in 2012 after ...
I attended the Mello event at Beckenham on 18 April 2016 and listened to the presentation by chief executive David Cicurel and finance director Brad Ormsby.
This is a company which in my opinion has a very good remuneration structure.
First, management own 19% of the company, with the Chief Executive earning a 15% stake, currently worth about £18 million and the other directors some 3.7%. This provides the basis for a strong alignment with long-term shareholders.
Options have been awarded over 256,176 shares, ...
Attached is the Manifest Report. Manifest Executive Remuneration Assessment grade 'D’ (on scale A =good to F=awful) Manifest has assessed the Company’s disclosures against the recommendations of the UK Corporate Governance Code, institutional investor guidelines and the disclosure requirements set out in both the Companies Acts and the UKLA Listing Rules. The following items have been identified which may be of interest to shareholders:
The previous share buyback authority has been partly or fully utilised and where EPS is used as a ...
Attached is the Manifest Report. Manifest Executive Remuneration Assessment grade 'c’ (on scale A =good to F=awful) Manifest has assessed the Company’s disclosures against the recommendations of the UK Corporate Governance Code, institutional investor guidelines and the disclosure requirements set out in both the Companies Acts and the UKLA Listing Rules. The following items have been identified which may be of interest to shareholders:
Shareholders may prefer to see a stronger and more direct alignment between Company strategy/KPIs and incentive arrangements.
High salary ...
Vislink - my remuneration report is attached: it highlights a number of concerns and areas for improvement.