Old Mutual faces shareholder revolt over 'unusual' CEO pay package

Proposed 1,000% of base salary

Old Mutual is facing a shareholder rebellion after the group proposed a pay package equal to 1,000% of the base salary for its chief executive.

Some of the company's largest shareholders said they are considering a vote against the proposed maximum pay package for Bruce Hemphill, quoting its "unusual nature and size", according to the Financial Times. In March, Old Mutual announced a 'managed separation' of its four main businesses - Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group and OM Asset Management in the US, following a strategic review. The move, which is set to complete by the end of 2018, would see Hemphill's role as chief executive of the overall business redundant. However, the group is proposing ...