Inmarsat shareholders vote against pay policies

Investors protested against pay policies at two FTSE 250 companies on Wednesday as they registered concerns over remuneration at satellite company Inmarsat and broker Tullett Prebon.

The rebellion at Inmarsat reached 35% of voting shareholders when deliberate abstentions were included and 44% at Tullett.

The vote at Inmarsat was a return to pay protests at the company. It had a break in 2014 when the company avoided a row over pay, but it had suffered two consecutive protests before that. In 2013, 36% of investors voted against a £1.4m pay deal for chairman Andrew Sukawaty and in 2012 40% of shareholders voted against his pay.

Some 28% voted against the pay at Inmarsat but the total rose when deliberate abstentions were included.

Sukawaty, who is moving from executive chairman to a non-executive role, received £3.8m in 2014, up from £2.5m in 2013, as a long-term incentive plan paid out. The chief executive, Rupert Peace, had a rise in his pay to £2.3m from £1.4m. He received a 15% rise in his salary to £519,000 in July 2014. The company said his salary would be reviewed again in July 2015 when it expects to increase the pay out once more.

At Tullett, John Phizackerley took over from Terry Smith as chief executive in September and received a discretionary bonus of £178,000. There was a 36% vote against the remuneration report.

Powered by article was written by Jill Treanor, for on Wednesday 6th May 2015 19.55 Europe/ © Guardian News and Media Limited 2010


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