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Shareholders back €7m pay rise for London Stock Exchange boss | Executive remuneration and bonuses
Shareholders voted to double the remuneration of the London Stock Exchange Group's chief executive to €13 million on the same day fears about an exodus from UK-listed companies were reignited.
Investors have backed the group's plans to increase David Schwimmers' maximum pay levels from 6.25 million to more than 13 million. The resolution was adopted, with nearly 89% of votes in favor of the new salary policy.
LSEG's annual shareholder meeting came as it emerged that two major UK-listed companies, Unilever and Anglo American, could leave the London market for lucrative deals and overseas listings.
Australian mining company BHP has submitted a €31 billion bid for rival Anglo American, a move that could result in the shares of the British companies listed on the FTSE 100 being wiped out. Two years ago, BHP abandoned its dual Australia-UK listing for the benefit of a single house on the Sydney Stock Exchange.
Separately, Unilever Chief Executive Hein Schumacher said the consumer goods company was considering all options for a potential listing of its ice cream business, which produces brands such as Magnum and Ben & Jerrys, and could be valued at up to 17 billion (14.6 billion).
Schumacher said he had spoken to many different stakeholders in the process and had discussed a possible listing in Amsterdam with the Dutch Minister of Economic Affairs. However, he did not confirm whether he had met the equivalent British minister, raising fears that London could miss out on another exceptional stock market listing. Schumacher added that he had regular conversations with governments, notably the British government.
There has been widespread concern in the City and Whitehall following the exodus of listed companies from the London Stock Exchange. Among those leaving are travel group Tui, which will move its listing to Germany, and Dublin-based betting firm Flutter, which is asking its shareholders to consider moving its shares to the US market.
Schwimmer tried to sound optimistic, telling shareholders Thursday that the IPO pipeline was encouraging and that an imminent overhaul of listing rules, which would include a simplification of some requirements for companies, would help. We are very happy with the direction the London market is taking, he said.
Influential shareholder advisory firm Glass Lewis had advised shareholders to reject Schwimmers' pay policy, saying in a report this month that the company had not sufficiently rationalized an increase of this magnitude under 'a flat-rate approach, particularly given CEO pay relative to UK peers.
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However, Schwimmer argued that the group needed to compete with its peers in the United States, where executives can expect much higher compensation packages. If London has ambitions to become a world-leading financial center and attract world-class businesses, that means it must attract world-class talent, he said in February.
LSEG said this month it was focused on securing and retaining the talent required in a highly competitive global market, while ensuring strong performance is rewarded.
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