It may be the height of the August “silly season”, but who can fail to welcome the news in today’s Financial Times that:
“Shareholder anger over executive pay switched from FTSE 100 to FTSE 250 companies during the annual general meeting season, as large investors protested with greater force over individual pay packages and company remuneration policies”;
and that a report
“from the Investment Association, the trade body representing UK asset managers, found a doubling to 29 in the number of FTSE 250 companies that had 20 per cent or more votes cast against remuneration policies.”?
The bad news is that after an increase in voting against remuneration reports in the FTSE 100 last year, there was a downturn this year. But at least there have been a few significant defeats, such as at Pearson, which may be a welcome sign that at last there may be a stiffening of spines in the City.