James Moore: Shareholders' rebellion was a long time coming
Outlook After a spring when most institutional shareholders appeared to be sleeping, a remuneration report has at last been defeated.
Mind you, events at Afren should have woken up even the most lackadaisical of institutional investors when it comes to governance.
The oil explorer, which has form on this issue and boasts a place in the FTSE 250, meaning you and your pension funds may be investing in it through tracker funds, faced defeat in 2011 on its remuneration report while 29 per cent of shareholders still voted against last year despite promises to do better. There was a near defeat in 2009, too.
In this case it might not just have been a remuneration report filled with a combination of high headline rewards, complex share schemes and a hefty dose of self-justification that sparked a rebellion which saw nearly 80 per cent of investors voting against.
It is personal stakes in Afren's part-owned Nigerian venture held by top management which will net them fortunes on paper. Pointed questions have been raised about the disclosure of them.
Yet again we see here a resources company that has come to London to benefit from both its prestige and its deep pool of capital, but which feels it can thumb its nose at best practice.
Afren has put forward a marvellous argument for making advisory votes on pay binding.
In the meantime, more shareholders should follow the lead of those who used their votes to take aim at the company's directors.
- 1 Rice Bucket Challenge: India's take on the Ice Bucket Challenge 'for Indian needs'
- 2 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
- 5 Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
The 13 obscure UK laws you didn’t know you were breaking
13 laws you didn't know you were breaking
Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Air strikes? Talk of God? Barack Obama is following the jihadists’ script after James Foley beheading
- < Previous
- Next >
iJobs Money & Business
£23000 - £26000 per annum: Ashdown Group: Account Executive / Client Services ...
£36000 - £38000 per annum: Ashdown Group: Executive PA to CEO & Executive Dire...
£25000 - £28000 per annum: Ashdown Group: Generalist HR Administrator - Tunbri...
£45000 - £75000 per annum + benefits+bonus+package: Harrington Starr: Senior C...