Institutions flex muscle on remuneration reports
AMP Capital Investors has this week released a list of the top 10 companies where it voted against remuneration reports, arguing that companies should only be rewarded with institutional support where they meet the relevant corporate governance criteria.
In a report on corporate governance released this week, AMP Capital Investors said that whenever it decided to abstain from voting on remuneration support it wrote to the chairman of the relevant company explaining its reasons.
“While 31 per cent of the remuneration reports we voted on this season did not get our support, not all received an ‘against’ vote,” the AMP report said. “In this proxy season, we found the ability to ‘abstain and communicate’ to be particularly useful and many constructive conversations have followed our letters.”
The AMP Capital Investors report named Novogen, Sims Group, Investa Property Group, Valad Property Group, Spotless Group, Amcor, Centennial Coal, Coates Hire, Rinker Group and Stockland group as being the companies which attracted the 10 largest aggregate proxy voting expressions of discontent with or opposition to remuneration reports by their shareholder base.
It said that AMP Capital had largely agreed with other investors and voted against most of these remuneration reports.
AUTHOR
Mike Taylor
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