Smith & Nephew sees big vote against remuneration report
Medical equipment company Smith & Nephew saw a large vote against its remuneration report at its AGM last week. Around 32% of votes were cast against the remuneration report, with almost 7% abstentions. PIRC had recommended that shareholders oppose the report. This was in part due to termination provisions, but also because Smith & Nephew had changed the performance measures and targets under the Performance Share Plan without seeking shareholder approval.
The level of opposition at Smith & Nephew will surely make it one of the biggest oppose votes on remuneration this season, if not the biggest. Earlier in April BP saw a fairly significant level of investor opposition to its pay policy for the second year running. This year around 9% of shareholders voted against the remuneration report with a further 27% abstaining. Again PIRC had recommended opposition.
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