Corporate Remuneration Reports

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.

 


 

RELX Remuneration Report 2016

Attached is the Manifest Report, who give the RELX Executive Remuneration grade 'E’ (on scale A =good to F=awful) ShareSoc (the UK Individual Shareholders Society) is advising its Members to vote against the Remuneration Report resolution at the RELX Annual General Meeting on 21 April 2016. We consider the pay of the CEO to be too high, excessively complex (5 incentive schemes and 1/30th defined benefit pension scheme), and incentive targets are too easy. REXL has performed well since the CEO took over ...

AstraZeneca Remuneration Report 2016

Attached is the Manifest Report. Manifest Executive Remuneration Assessment grade 'D’ (on scale A =good to F=awful). Manifest comment Shareholders may wish to note that this resolution previously recorded a high level of dissent with 39.31%. The targets used to determine the directors' annual bonus in respect of the year under review have not been fully disclosed. The level of the upper bonus cap for certain of the executive directors may be of concern. The aggregate of all long-term incentive awards made to Soriot represents ...

Unilever Remuneration Report 2016

Attached is the Manifest Report. Manifest Executive Remuneration Assessment grade 'D’ (on scale A =good to F=awful) Manifest report: Poor degree of alignment between KPIs and performance metrics. The Remuneration Committee has discretion to adjust the level of the annual bonus. Poor level of disclosure in respect of annual bonus and LTIPs performance targets. Shareholders should note that the Company has announced it will disclose its LTIP performance targets after the end of the performance period. Limits set under both short- and ...

Anglo American Remuneration Report 2016

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: A payment has been made under the annual bonus plan despite a loss being recorded. No clearly identifiable link is ...

Connect Group PLC remuneration report 2016

A Briefing on remuneration for ShareSoc members The attached note, which highlights a number of concerns, was written by Cliff Weight using the AGM Business Meeting Report prepared by Manifest, the Proxy Voting Agency. Cliff Weight is a remuneration expert, author of the Directors’ Remuneration Handbook and ShareSoc member. Attachments: ShareSocConnectremunerationreport2April2016 ConnectGroupplc

Flowgroup remuneration report 2016

Flowgroup- my remuneration report is attached: it highlights a number of concerns and areas for improvement. Attachments: ShareSocFlowgroupremunerationreport4Jan2016

Proactis remuneration report 2016

Proactis - my remuneration report is attached. This is a high performing company (measured in terms of share price growth, growth in turnover, profit and profit margin). Turnover is now £17.7m and market cap £49m. In my opinion, their remuneration is OK. Attachments: ShareSocProactisreport2April2016

Direct Line Group – 2015

The latest example of excessive remuneration comes from Direct Line Group. Their “single figure” remuneration table shows the CEO received a total of £4.8m in 2015 (admittedly, down from £5.3m in 2014) and the FD got £2.8m (up from £2.2m in 2014). Announcements today (see http://www.investegate.co.uk/direct-line-ins-grp--dlg-/rns/director-pdmr-shareholding/201603301000025290T/ and http://www.investegate.co.uk/direct-line-ins-grp--dlg-/rns/director-pdmr-shareholding/201603301758026132T/ ) show yet more chunky share awards for the current year, and substantial vestings from past years. At the current share price, the value of the CEOs unvested share awards (this is in addition to the ...

Alliance Trust AGM and Voting Recommendations- ATSAG Update 10

Investors in Alliance Trust should now have had a chance to read the Annual Report. We commented on the financial results reported therein in a previous note. This note covers other information provided in the Annual Report and gives some voting recommendations (we already indicated in the previous note that we supported reappointment of the existing board directors so only the other resolutions are covered herein). There are two votes to consider on Remuneration - Resolutions 2 and 3. The first of those is an advisory vote ...

BP 2015 REMUNERATION REVIEW

by Cliff Weight, 8th March 2016 SUMMARY The bonus has 6 performance measures, bonus is pensionable and the the LTI has 5 performance measures. Why is the CEO paid so much, when performance has been average at best over the long term? Why does the remuneration committee think the pay structure is simple when it is highly complex? CONTEXT The press coverage is simple. Pay up 20% when profits went down (See Appendix 1). BP was condemned by critics for being the latest example of ...