The topic of directors’ remuneration is coming back onto the horizon for one last time this season following a quiet month. During the last fortnight DRRs were published, AGMs were held and the IMA updated its Principles of Remuneration. So, with just one DRR yet to be published and four UK AGMs still to be held before we hit the end of the season here is a summary of the activity over the past couple of weeks.
IMA Principles of Remuneration
The Investment Management Association’s updated Principles of Remuneration (previously the ABI Principles of Remuneration) were released last week. There were not many changes to the Principles themselves but the introductory letter sent with them will have provided interesting reading for remuneration committee chairmen. In particular, the letter picked up on the AGM season and the shareholder engagement process and how it still needs to be improved (see our blog post for more information).
The two FTSE100 DRRs that were published last week were Wolseley and British Sky Broadcasting. In addition, Smiths Group published its report the week before. The AGMs are being held on 25 November, 21 November and 18 November respectively so we shall wait and see how shareholders receive those Reports.
There were a couple of FTSE100 AGMs last week. Hargreaves Lansdown received votes in favour of 93.0% for the remuneration report and 98.4% for the remuneration policy, so no issues there. BHP Billiton also held its UK AGM last week but its results won’t be published until after the Australian AGM on 20 November.
There is now only one FTSE100 DRR left to be published, being that of Associated British Foods. Its year end was 15 September so we will most likely be waiting another few weeks for that DRR. Then the 2013/2014 DRR season will draw to a close and the 2014/2015 season will start not long after, beginning with the FTSE100 companies that have a 30 September year end. Our single source document has details of all the 2013/2014 DRRs and AGM results, and will continue to be updated over the coming weeks.