David Schwimmer, the boss of the London Stock Exchange Group might be sailing towards a lucrative pay rise as shareholders proposed plans to potentially double his earnings to over £13million in salary and bonuses.
Almost 89% of votes from investors at the company’s annual general meeting supported a bountiful compensation package for David Schwimmer, notwithstanding, there was some resistance with 11 percent voted against and another 82,082 votes abstained. These plans propound an increase in his maximum pay and bonuses to above £13million, climbing from £6.25million.
This news rolls down whilst the London Stock Exchange is grappling with escalating pressure amidst a flurry of firms exiting. Anglo American could be the next one to wave goodbye if BHP Billiton, Australia’s offer for a stunning £31billion takeover goes through.
Though this bid was rebuffed on Friday, BHP could bounce back with a higher proposition.
The prospective arrangement heats up following packagaing corporation, DS Smith, giving the green light for a buyout by a US competitor, whereas consumer goods titan Unilever is mulling over “all options” for taking its ice-cream business public – sparking fears that London might miss out on these ventures. Prior to the AGM, Pirc, an influential shareholder advisory group urged investors to veto Mr Schwimmer’s pay plans, asserting in a recent report that his pay was already soaring “in the upper quartile of a peer comparator group”, reports the Mirror.
The report highlighted concerns about the current bonus culture, stating: “This raises concerns over potential excessiveness of the variable incentive schemes currently in operation, as the base salary determines the overall quantum of the remuneration structure.”
