Investors in European companies increased their opposition to excessive executive pay and perks at annual general meetings this year, a report on Thursday showed, with dissent at French companies the most pronounced.
The number of remuneration proposals that prompted opposition from at least 10 percent of voting shareholders rose in Germany, Switzerland, the Netherlands, Italy, Spain and France, the report by proxy voting consultant Georgeson showed.
The biggest increase was in France, where opposition was up 205 percent on 2016, while Britain showed a 28 percent decline.
“This demonstrates that executive pay is still firmly on the continental agenda, and French companies in particular must carefully prepare for their next AGMs,” said Cas Sydorowitz, Georgeson’s chief executive of corporate advisory.
Source: Reuters (Reporting by Simon Jessop; Editing by David Goodman)