Patrick Tooher, Head of Financial Services at Infinite Global discusses how numerous companies have seen shareholder revolts when it comes to executive pay this AGM season, particularly amongst those who have taken government cash during the covid-19 pandemic.
He argues that when it comes to remuneration it is the role of independent non-executives that really matters. They make up the bulk of the remuneration committees that set executive pay.
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In our recent report with Infinite Global we found that boards are increasingly mindful of these reputational risks as a result of the pandemic, and are turning to NEDs to help them guide decision-making.