NDLI: Pay gone astray: the failure of executive incentive schemes

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Pay gone astray: the failure of executive incentive schemes

Content Provider	Semantic Scholar
Author	Powdrill, Tom
Copyright Year	2012
Abstract	Executive remuneration has recently re-emerged as a significant political issue. The continued growth in boardroom pay, whilst the economy has flat-lined and many working people have faced a squeeze on their own living standards, has proved inflammatory. Even business leaders now worry that executive reward is out of control, and urge radical reform (Darrington, 2012). Notably, this year has seen an unusually high level of shareholder opposition to executive remuneration policies at UK companies. More company remuneration reports have been rejected by shareholders this year than in any other since the introduction of a mandatory shareholder vote on executive pay in 2002. Although a total of six defeats for the year to date means that it’s still only a fraction of the total, there have been some very high-profile corporate casualties, including Aviva and WPP. These defeats are also indicative of wider opposition. Analysis by PIRC has found that the average vote against a remuneration report is around 8.5 per cent this season. That compares with an average vote against of just under 6 per cent last year, and a little over 3 per cent back in 2008 (PIRC, 2012). Institutional investors are undoubtedly at least in part reacting to political pressure to rein in top pay. David Cameron has criticised excessive pay in the UK’s boardrooms, and made clear earlier this year that he wanted to give shareholders more powers to tackle it. Separately Business Secretary Vince Cable has exhorted institutional investors to do more, and initiated a new round of shareholder-focused remuneration reforms. Whilst his original set of proposals have been scaled back, Cable has pressed ahead with plans to introduce a new binding vote on remuneration policy, which should further strengthen the hand of shareholders (Department for Business, Innovation and Skills, 2012).
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://renewal.org.uk/files/Powdrill_final.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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