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 Salvus Master Trust will welcome another 1,200 members and 20 employers as it absorbs the £7m Complete Master Trust.
Aon has appointed Emma Adair to lead client service for its UK investment team.
The Competition and Markets Authority (CMA) has published three working papers as part of its probe into investment consultants and fiduciary managers - saying it has no concerns over concentration in these markets.
In this week's Pensions Buzz, we wanted to know whether contract-based, trust-based or a master trust arrangement would be best for a new defined contribution (DC) scheme.