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.
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