UK - Supermarket giant J. Sainsbury was due to face tough questioning from shareholders at its annual general meeting yesterday over its remuneration report.
PIRC recommended opposition to the report based on the bonuses that would be awarded to executives – especially group chief executive Sir Peter Davis, whose reward, equivalent to 415% of salary and subject to performance, will be paid out in three years.
A PIRC spokesman said: “Inappropriate targets have been attached to share awards for Sir Peter Davis.
“He is being rewarded for below-target performance.”
PIRC also expressed concern that Sir Peter was being remunerated for his role on the nomination committee which, it said, was a standard role for board members to hold.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers