UK - The Local Authority Pension Fund Forum has identified companies it plans to target over remuneration reports that do not follow corporate governance best practice.
Household cleaning products producer Reckitt Benckiser, steam and industrial fluid specialist Spirax Sarco Engineering and natural resource group Xstrata will all be targeted over their remuneration reports.
Reckitt Benckiser was exposed for giving directors “excessive awards for weak performance”.
The firm’s chief executive Bart Becht was awarded one million options and 400,000 restricted shares, equivalent to roughly 10 times his salary on an expected value basis.
Xstrata was also singled out for excessive awards for weak performance, with two executives having provisions in their contracts for 150% of salary, plus the equivalent of the previous year’s bonus, should they breach their contracts or underperform.
The statement said Spirax-Sarco Engineering had set “inadequate performance targets” for its directors.
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