Chief executives at some of the country's biggest companies will have their pay scrutinised by shareholders next month. Here are the salaries they'll be asked to vote on.
In a year when households endured soaring energy bills, John Pettigrew''s base salary of £1.1 million was boosted by an annual bonus of £1.1 million and the 100% vesting of long-term incentives with an estimated value of £4.86 million.
The UK and US-focused energy transmission and distribution firm said the remuneration outcome for Pettigrew, who has been in charge since 2016, reflected "good annual performance delivery" as well as long-term value creation.
Other pay deals in the spotlight include the £3.1 million for BT Group (LSE:BT.A) chief executive Philip Jansen, whose base salary of £1.1 million has been the same since his 2019 appointment.
Who''s in the chair? Gerry Murphy, the former chief executive of Kingfisher, Carlton Communications and Exel, was appointed in July 2018.
How have shares performed? Up 54% at 2,586p (2,147p on Thursday).
How much is the boss paid? The base salary of chief executive Jonathan Akeroyd will increase in July by 3.5% to £1.14 million. His total remuneration for 2022/23 amounted to £4.29 million, including an annual bonus of £1.3 million based on 59% of the maximum opportunity. The bonus scheme, which paid 94% the previous year, is assessed 75% on adjusted operating profit and the rest on performance against strategic objectives. The value of buy-out awards handed to Akeroyd in order to compensate for incentives that he forfeited on leaving previous employer Gianni Versace contributed £1.7 million to the final figure.
What''s in the new remuneration policy? There are no material changes to the policy, which was last approved at the 2020 AGM with 94.91% of votes in favour.
How much is the new chief financial officer paid? Kate Ferry is due to join Burberry on 17 July, with her starting salary of £675,000 being 9.7% lower than that paid to predecessor Julie Brown. Ferry will be eligible for a maximum annual bonus of 200% of salary, half of which will be invested in Burberry shares unless her shareholding is 300% of salary. She is also eligible for an annual award of long-term incentive shares equivalent to 150% of salary.
How did last year''s AGM go? The annual remuneration report was backed with 93.81% support.
What''s the view of voting agencies? Glass Lewis recommends shareholders support the annual remuneration report and the binding vote on the new three-year remuneration policy.
How''s the company doing on diversity? The board was 41.7% female at the end of the financial year, including the roles of senior independent director and chief financial officer. There were two directors from a minority ethnic background.
Where: The Vox Conference Venue, Resorts World, Birmingham, B40 1PU.
How to participate: As a hybrid meeting, shareholders can attend online via the Lumi platform. The company plans to make the online experience engaging, accessible and inclusive and is encouraging shareholders to join the meeting this way. Proxy voting instructions need to be returned no later than 2pm, Tuesday 11 July. More AGM details can be found here.
How did the company do in the year to 31 March? Revenues of £20.7 billion fell 1%, with 4% growth in the regulated Openreach arm more than offset by the company''s other units. Adjusted earnings of £7.9 billion rose 5%, but bottom-line profits fell 12% to £1.73 billion due to increased depreciation from the infrastructure network build. Net debt of £18.9 billion rose £850 million primarily due to a pension scheme contribution of £1 billion. A dividend of 5.39p a share is due to be paid on 13 September, leaving the total an unchanged 7.7p a share.
How have shares performed? Down 20% at 145.8p (129.7p on Thursday).
What''s in the new remuneration policy? Only minor changes are proposed after a major overhaul of the policy in 2020 saw the introduction of the Restricted Share Plan. The policy was approved at the 2020 AGM with 95.08% votes in favour. This year''s maximum bonus opportunity will again be 200% of salary, but with targets on the FTTP and 5G network rollout and Skills for Tomorrow no longer used as the company believes these are now well embedded in the business. The Net Promoter Score will have an increased weighting of 20%. Carbon emissions intensity no longer features in the annual bonus scorecard and is instead incorporated in a new sustainability underpin for future RSP awards.
How did last year''s AGM go? The annual remuneration report was approved with 93.58% of votes in favour.
How''s the company doing on diversity? At the end of the financial year, four of 12 board directors were female and two directors were from an ethnic minority background. Subsequent board changes mean female membership will be 45% following the AGM.
How to participate: The meeting is in-person only after low take-up of the virtual option the previous two years. It is also being held later in the morning following requests from shareholders at last year''s meeting. Proxy voting instructions should be returned no later than 11am, Friday 7 July. More AGM details can be found here.
Who''s in the chair? Tim Score, who is the former chief financial officer of Arm Holdings, has been in the role since July 2019 having joined the board in March 2014. His tenure has been extended by one year to the 2024 AGM after the board said it had "benefited immeasurably" from his guidance and knowledge.
How did the company do in the year to 31 March? The portfolio value fell 12.3% to £8.9 billion driven by yield expansion of 71 basis points. Like-for-like net rental growth of 5.9% helped to offset higher financing costs as underlying profit rose 6.9% to £264 million. In line with the policy of paying 80% of underlying earnings per share, the full year dividend for payment on 28 July is 11.04p and results in a 3.3% increase to 22.64p for the year.
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