Royal London Asset Management votes against ITV remuneration policy
6 May 2014
Ahead of ITV’s AGM on 14th May, Royal London Asset Management has decided to vote for the implementation of the remuneration report, but vote against the forward-looking pay policy.
Ashley Hamilton, Corporate Governance Manager, said:
“Our policy is to use our vote to express our opposition both to excessive pay and ‘pay for failure’. While we acknowledge Mr Crozier’s pay was very high for 2013, we believe this is one of those rare cases where the high level of pay is justified by performance. Mr Crozier has done an excellent job at turning around a struggling business. Our clients have benefitted through a tripling of the share price and a change in the strategy which we hope will deliver more stable and sustainable returns.
“While we are fully supportive of the performance conditions selected for the long-term incentives, Royal London Asset Management has decided to vote against the forward-looking remuneration policy. The maximum limits under the remuneration plan have increased significantly and are too high in our view. The increases were also coupled with increases in the pension supplements and base salaries, which will have a ratcheting effect on overall pay levels in future years.
“We are willing to approve packages that reward truly exceptional performance, but we continue to scrutinise companies to ensure the forward-looking pay policy is measured and appropriate, particularly given greater shareholder and public interest.”
For further information please contact:
Mona Patel, Corporate PR Manager:
020 7015 2525; 07919 171964
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £73.6 billion. Group businesses serve around 5.3 million customers and employ 2,880 people. (Figures quoted are as at 31 December 2013).
Over the next two years the Group is moving to operate all of its UK life, pension and investment business under a new version of the Royal London brand. Royal London Asset Management comes under the new master-brand as of 28 April, and the Scottish Life, Scottish Provident and Bright Grey brands will migrate over the next eighteen months.
The Group's wrap platform will remain branded Ascentric, and the Caledonian Life brand will be utilised in the Irish Republic.