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Shareholders' rights – Rising opposition to company remuneration reports News

Tuesday, August 22nd, 2017 | Economy

The approval rate for the 100 largest SPI companies fell from 86.5 percent to 85.7 percent, according to the ethics of the foundation. The opposition was especially strong among financial companies. Management's remuneration was assumed on average at only 79.6 percent, compared to 92.4 percent in other sectors. This can be seen in the evaluation of this year's General Assembly by Ethos.
While the average remuneration remained constant, management in the largest financial companies received 6 per cent more wages. At the same time, profits fell by 12 percent.
"The lack of a link between the level of remuneration of the executive bodies and the company's performance is increasingly being sanctioned by shareholders," Ethos Director Vincent Kaufmann cites in a Tuesday announcement.
Control in case of any excess
The shareholder frustration clearly manifested itself in the consultative arrangements on the remuneration of the Board of Directors and the Management Board, which were made possible by the minority initiative. Thus, 21 percent of consultative votes on the remuneration report were supported by less than 80 percent of shareholders. In the previous year, it was only 16 percent.
The resistance to other tracts, such as the election of the administrative boards or reliefs, was less strong. According to the ethos, the average agreement rate for all tracts of the 100 largest SPI companies was 95.4 percent (2016: 96.3 percent).
In the context of the revision of the share capital, Ethos is of great concern that shareholders can better control any excesses. For this reason, Ethos calls for the revision to prohibit shareholders from voting prospectively on the variable remuneration of management. Such votes in advance correspond to a blanket, stresses Ethos.


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