A CORPORATE governance watchdog has urged shareholders to vote against the remuneration report of Aberdeen Asset Management, branding the variable pay awarded to chief executive Martin Gilbert as “excessive”.
Recommending that shareholders oppose the policy at the investment house’s annual meeting next month, PIRC (Payment & Investment Research Consultants) noted that Mr Gilbert’s variable pay for the year is 400 per cent of salary, “which is considered excessive”.
“The ratio of CEO to average employee pay is also considered inappropriate at 29:1,” added PIRC. Mr Gilbert’s overall pay packet dropped to £2.8 million in the year to September 30, down from £4.3m, with variable pay down to £2.3m from £3.8m.
Other groups such as ISS and Glass Lewis recommend support for the pay policy.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules here