UK - The NAPF has defended its corporate governance activism after a study showed pay packages for FTSE100 executives increased 23% last year.
Research from Income Data Services showed the basic pay of leading executives of FTSE100 companies rose by 11.2%, on average, last year.
The highest package of £5.1m – which included bonuses and share options – went to Reckitt Benckiser chief executive Bart Becht.
The figures suggest shareholder activism is doing little to quell pay deals for executives when company performance is at an historic low.
But NAPF spokesman Andy Fleming stressed there was “no direct correlation” between share value and executive performance.
“There are other things that must be taken into account – not least relative performance compared to peer group companies.”
He explained: “If everyone’s share value goes down 40% and your shares have only gone down 20%, then perhaps you have been performing quite well in comparison with your peer group.”
Companies which have faced the NAPF’s wrath this year include HSBC, Barclays, EMI and Shell.
The NAPF also targeted executive pay packages and bonus schemes at Schroders and Capital Radio, but both companies’ remuneration reports were approved by shareholders.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
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