UK - Fashion group Burberry has admitted that parts of chief executive Rose Marie Bravo's pay package may contravene corporate governance rules.
Chairman John Peace made the admission following the company’s annual meeting when 30% of independent shareholders voted against the company’s remuneration report.
Peace said: “Some of the aspects of the package might be considered as not best practice from a UK perspective, but we have to try to balance the views of shareholders against the need to attract and retain the best people.”
Under the chief executive’s current terms, Bravo could receive up to £12m if her employment was terminated.
The National Association of Pension Funds and Pensions Investment Research Consultants both recommended opposition to the report.
Burberry is 77% owned by Great Universal Stores.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point