6th May 2016 14:08
LONDON (Alliance News) - Man Group PLC on Friday said all of the resolutions posed at its annual general meeting were passed, but a substantial amount of shareholders voted against the director's remuneration report.
Man Group shares were down 8.3% to 130.60 pence per share on Friday afternoon.
The investment manager became the latest to face a rebellion from its shareholders regarding the pay and bonuses dished out to executives and board members, with almost 40% of the Man Group shareholders that voted at the AGM rejected the remuneration report.
Over 430.1 million votes were cast rejecting the report, with almost 640.4 million votes voting in favour. Despite the substantial amount of shareholders rejecting the proposal, it still passed as over 50% of the votes cast were in support of the remuneration report.
Notably, 77.5 million votes abstained from voting on the remuneration report - the highest level of any of the proposals posed on Friday.
"Each year, the Remuneration Committee invites and reviews feedback received from shareholders on the group's remuneration structure and practice in the light of the changing market place and Man Group's evolving strategy and development," said Man Group.
"We will continue our efforts to engage with our shareholders and take account of their views in the coming year. In addition, the chairman of the Remuneration Committee welcomes the opportunity to discuss the outcome of the vote on remuneration matters with any shareholder who wishes to do so," the company added.
Man Group is the latest company to face objections to its remuneration report, following major companies such as BP PLC, Ladbrokes PLC, Reckitt Benckiser Group PLC, Shire PLC, Royal Dutch Shell PLC and others.
All the other proposals put to Man Group shareholders, including the special resolutions, were passed comfortably.
The approval of one special resolution allows Man Group directors to allot shares for cash in circumstances other than a pro-rata basis to existing shareholders, whilst another gave the company permission to call an AGM in the future with only 14 days notice. Those special resolutions needed a 75% of the votes cast to be in favour in order to be carried.
By Joshua Warner; [email protected]; @JoshAlliance
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