UK - Pension funds are being urged to abstain on tobacco giant Gallaher's remuneration report over executive bonuses.
The National Association of Pension Funds is concerned that the report includes enhanced compensation for any “change of control at the company”.
An NAPF spokesman explained that this type of contract could lead to company directors manipulating a takeover to benefit their own pay packets.
The NAPF is also recommending its members abstain from reelecting Gallaher executive director Nigel Simon and vote against the election of executive director Nigel Dunlop, because both have contract provisions of two-years’ salary upon termination.
*The NAPF is also advising members to abstain on insurer Royal & SunAlliance’s remuneration report due to an “unjustifiable” special bonus of £250,000 paid to finance director Julian Hance, with no performance targets.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).