UK - Pension schemes have failed to stop independent radio station, Capital Radio, from introducing a controversial new share options incentive scheme for executives.
The NAPF had advised its members to abstain from supporting the package, which will see directors’ options limits raised.
The NAPF voting issues service (VIS) pointed out that the earnings-per-share performance condition in the package did not meet current best practice as it allowed performance to be measured in any three-year period over the life of the option.
The share option scheme will give senior executives the ability to decide how much they can cash in if the business is sold.
Market observers believe there is a heightened possibility of this happening when the Communications Bill – which aims to encourage takeovers in the sector – becomes law later this year.
The Centre for Social Justice is calling for the state pension age to be raised to 70 by 2028 and to 75 by 2035, a much faster rise than currently planned.
The High Court has blocked the £12bn transfer of Prudential's annuity book to Rothesay Life, citing the insurer's lack of "established reputation" and differing "capital management policies".
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.