UK - Pension funds and corporate governance experts are urging WHSmith shareholders to vote against a £3m remuneration package for the retail giant's new chief executive.
The National Association of Pension Funds, Pensions Investment Research Consultants, proxy voting agency Manifest and the Association of British Insurers have all raised concerns about Kate Swann’s remuneration arrangements ahead of the annual general meeting on Thursday.
The firm – which issued a severe profits warning after poor Christmas sales – has angered shareholder groups over the size of Swann’s pay and benefits package and the failure to link a large proportion of it to performance.
RREV – the NAPF’s corporate governance and proxy voting service – recommended members abstain or vote against the WHSmith remuneration report.
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