18% increase in shareholder pay opposition - reports

Spanish company contests almost double

Shareholders in European companies have been vocal on their dissent over executive pay during the pandemic, with an 18% increase in opposition, according to a report by Georgeson, a corporate governance consultancy.

The findings, first reported by the Financial Times, revealed the increase was across seven European markets, including the UK, Germany, Spain and the Netherlands. Spain's Ibex 35 index experienced the highest proportion of contested pay resolutions, almost double the previous year. 60.6% of Spain's larger companies were contested on pay in 2021, compared with 33.2% in 2020. Georgeson considers a vote of at least 10% as significant and 57.7% policy resolutions in Spain hit this target compared with 28.6% last year. Executive remuneration: Is Covid-19 an opportunity for reform?...