Two more firms suffer rebellions over pay and governance as ‘shareholder spring’ rages on
Intertek and Playtech became the latest firms to suffer revolts over pay and governance as the ‘shareholder spring’ raged on.
At its annual general meeting, FTSE 100 safety inspection group Intertek saw a whopping 31 per cent of votes cast against its annual pay report.
The rebellion follows similar expressions of anger at Rio Tinto, Pearson, BAE Systems and Glencore.
Pay revolt: André Lacroix, Intertek’s chief exec, trousered £2.6m last year and this year could earn up to £6.3m, according to the firm’s annual report
Andre Lacroix, 61, Intertek’s chief executive, trousered £2.6million last year and this year could earn up to £6.3million, according to the annual report.
He is also paid 30 per cent of his salary in pension contributions, well above the maximum 5 per centavailable to rank-and-file staff – a disparity that big City investors are trying to stamp out.
Intertek has said Lacroix’s contributions will fall by 5 per cent for five years until they match other staff. He has received £32.5million in pay since taking his post in 2015.
The firm suffered another revolt over pay last year as well.
It said: ‘In 2020 we engaged with a number of our shareholders to fully understand their concerns. We recognise that further engagement is required and we plan to do this in the coming months.’
Elsewhere, gambling technology firm Playtech suffered a 24.5 per cent vote against its pay report, while 35.3 per cent voted against re-electing interim chairman Claire Milne.
It follows criticism from advisory service Glass Lewis, which said Playtech ‘failed to adequately outline any measurable diversity objectives’ despite a Government-target for 33 per cent of its board to be women. The seven-strong board has only two women, including Milne, failing the target.
The revolt against pay comes after investors previously rebelled over the package handed to Mor Weizer last year as well.
He was paid £1.9million in 2020, down from £2.9million in 2019.