UK - Telecom giant Vodafone faced a revolt from shareholders after board members gave themselves pay rises of up to 11%.
A total of 15% of shareholders opposed or abstained from approving the remuneration report.
Their stance was in line with the Pensions Investment Research Consultants, which urged shareholders to oppose the report, whereas the National Association of Pension Funds had recommended a vote in favour.
The total remuneration packages of executive directors increased by between 18% and 25%, including bonuses.
However, this reflected an increase in the company’s share price from below 100p per share a year ago, to approximately 118p.
The other major point of contention at the meeting was the resolution to authorise political donations worth up to £100,000 – 9% of shareholders opposed or abstained.
A PIRC spokesman commented: “We consider the performance targets required for directors to earn maximum rewards challenging, but the lower targets still provide for excessive reward given the level of performance required.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.