UK - Investor lobby groups and voting advisory services are warning of a series of shareholder backlashes at annual meetings.
Pension Investment Research Consultants, RREV – the National Association of Pension Funds’ corporate governance advisory service – and proxy voting agency Manifest have flagged up issues at J Sainsbury, Emap and Marks & Spencer.
Sainsbury’s is expected to face criticism for its lack of consultation over the remuneration package for former chairman Sir Peter Davis. Emap faces opposition over its remuneration report and incentive scheme. And Marks & Spencer shareholders are expected to criticise the removal of performance conditions for directors.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.