UK - The Trades Union Congress remained upbeat despite a unanimous decision by shareholders to approve a controversial pay deal at telecoms giant Vodafone.
Some 84% of shareholder supported the ‘excessive’ pay package which will see Vodafone chief executive Christopher Gent receive £9m worth of stock options, and nearly £4m worth of bonus shares on top of a basic salary of £1.2m.
The TUC said that it was “surprised” by the number of proxy votes against and described the opposition as “significant”.
Tom Powdrill, institutional investment officer for the TUC said: “We’re were quite surprised that a large number voted against or abstained. Given that it [Vodafone] is a major UK company this is quite significant... .”
Powdrill praised Vodafone’s decision to put the remuneration policy to shareholders in the first place - a move that will be mandatory as of next year.
The TUC had previously sent out letters to its 630-strong trustees network outlining its recommendations. It is now gearing up for similar action against other corporate giants. Two more undisclosed “major companies” are expected to be targeted by year end.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.