Man Group becomes latest firm to face shareholder ire over executive pay

Money

Man Group has become the latest firm to stoke shareholder ire over executive pay, after a significant number of shareholders voted against its remuneration report.

The investment manager's executive pay package was rejected by nearly 40 per cent of its shareholders, but it still passed as around 60 per cent were in favour.

Read more: RBS shareholders approve executive pay at annual meeting, joining Aviva and BAE Systems in waving through exec pay packages

It also garnered the highest level of opt outs among shareholders compared to the other proposals put forwarded.

"Each year, the remuneration committee invites and reviews feedback received from shareholders on the group's remuneration structure and practice in the light of the changing market place and Man Group's evolving strategy and development," the company said in a statement.

"We will continue our efforts to engage with our shareholders and take account of their views in the coming year. In addition, the chairman of the remuneration committee welcomes the opportunity to discuss the outcome of the vote on remuneration matters with any shareholder who wishes to do so."

Read more: Reckitt Benckiser, Rolls Royce, and GlaxoSmithKline give their approval to executive pay plans

Last month, Weir and Shire joined the list of shareholder uprisings, which already included oil giant BP, miner Anglo American, energy firm Centrica, and financial behemoth Citigroup.

But recently shareholders of embattled bank RBS joined Aviva and BAE Systems in waving through exec pay packages.

Shareholders of consumer goods giant Reckitt Benckiser, engineering firm Rolls Royce, and drug-maker GlaxoSmithKline also all gave their approval to their respective executive pay packages.

Full story: Man Group becomes latest firm to face shareholder ire over executive pay: City A.M.

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