FORMER Aegon UK chief executive Otto Thoresen, now head of the Association of British Insurers (ABI), has claimed the so-called shareholder spring is not about investors rebelling against high pay.
Six companies, including Edinburgh-based oil company Cairn Energy, have been defeated in advisory votes on executive pay and investor opposition has also contributed to the departure of bosses at insurer Aviva, drugs giant AstraZeneca and publisher Trinity Mirror. Giving evidence to a Parliamentary investigation into executive remuneration, Mr Thoresen said: "It has not been about shareholders rebelling against high pay."
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