More large shareholders vote against excessive CEO pay [updated]

first_imgMN 24.3% 99.6% More large shareholders – including large asset managers and pension funds – are voting against CEO pay packages, according to US non-profit As You Sow.However, although shareholders have become more successful in voting down excessive pay proposals, overall CEO remuneration has continued to rise, the organisation said.Its fifth annual report included a survey of CEO remuneration at companies listed on the S&P 500, which revealed that average pay for an S&P 500 CEO rose from $11.5m (€10.1m) in 2013 to $13.6m in 2017. The highest paid chief executives were at infrastructure company CSX Corporation ($151m) and software firm Broadcom ($103m).At CSX, this equated to 1,539 times the average pay of an employee. LGIM11.5%**46% Mountain View: Google’s headquarters in the USThe asset manager said it applied these criteria worldwide, resulting in voting against 70% of remuneration proposals. These often comprised US firms, including Alphabet/Google, ExxonMobil and American Express.Achmea IM said it voted against pay packages at Mondelez, Mattel and Comcast last year.Robeco added that remuneration proposals had become much more complex in the past few years.UK-based Aviva Investors increased its opposition to proposed pay packages at US firms from 27.7% to 79.7% between 2013 and 2018. HSBC Global Asset Management voted against 97.1% of packages in 2018, from 20% in 2013.Legal & General Investment Management’s rejection of remuneration increased from 11.5% to 46% of cases since 2015.As You Sow reported that, if the votes of the world’s three largest asset managers – BlackRock, Vanguard and State Street Global Advisors, which tend to approve almost every CEO pay proposal – were excluded, the approval rate would drop dramatically.The organisation said that the three asset managers together controlled 15-20% of the shares of every public company in the US.This article was updated on 25 February to add a comment from APG. Allianz Global Investors11.1%76.6% PGGM 58.8%97.6% Robeco/RobecoSAM 16.2%42.3% NN Investment Partners 9.8%49.6% HSBC GAM20%97.1%center_img APG 61.8%53.8% Royal London AM97.2%*71.4% Aviva Investors27.7%79.7% Pension funds were more critical on pay packages, As You Sow found, and European investment funds voted more often against remuneration than US-based ones.As You Sow also reported that Dutch asset managers MN and PGGM voted against almost all pay recommendations, opposing proposals in 99.6% and 97.6% of cases, respectively. This compared with 24.3% and 58.8% in 2013.Last year, Achmea IM, NN IP and Robeco/RobecoSAM voted against 69.6%, 49.6% and 42.3% of pay packages, respectively, compared with 16.7%, 9.8% and 16.2%, respectively, in 2013.However, the ngo noted that at the €463bn Dutch asset manager APG the percentage of rejected proposals had dropped from 61.8% to 53.8% in the same period.APG declined to comment on the findings, but emphasised that it actively engaged on executive remuneration issues with the companies in its portfolio.Asset managers’ votes against executive pay packages* Data from 2014 ** Data from 2015 Achmea IM 16.7%*69.6% Speaking to IPE’s Dutch sister publication Pensioen Pro, the €130bn asset manager MN said that most remuneration proposals at US firms didn’t meet the “stricter than average” voting rules that it had agreed with its main clients, the metal and engineering sector schemes PMT and PME.MN’s voting policy stipulates that remuneration must meet a company’s long-term goals, that the short-term bonus can’t be larger than one-third of the entire pay package, and that performance-related pay must be capped and target-linked.In addition, pay conditions must have a clause to enable the company to claw back performance pay in case of incorrect or fraudulent information.  2013 2018 last_img read more

Currency impacts effect ‘debt focused’ IGT Group’s Q2 2017 performance

first_img Brazil to issue initial plans on Caixa Loterias sale August 17, 2020 Jason Ader – No Boogeyman… Activism will play a vital part in reshaping gambling August 20, 2020 StumbleUpon Submit Share Share IGT ‘prudent on recovery’ as company absorbs H1 losses of $291m August 4, 2020 Related Articles Presenting its Q2 2017 trading update (period ending 30 June), New York-listed international lottery and gambling systems provider IGT Group Plc, has detailed that currency impacts have affected group wide metrics.Updating the market, IGT would declare period group ‘consolidated’ revenues of $1.2 billion down 5% on corresponding Q2 2016’s $1.285 billion.  The company detailed that the decline was mostly attributable to new lotto concessions gained during the period and the sale of social games division Double Down which was closed on 1 June.Despite the group slowdown in revenues, IGT was positive of its divisional performance which had recorded a continued growth in sales for Italy and its North American multi-state jackpots division.Closing a busy Q2 period The technology firm would report a period adjusted EBITDA of $424 million down 4% on Q2 2016’s $443 million, the firm stated that it had to make metric adjustments for the sale of Down Double and Italy concessions.As a result, IGT Would declare a group operating income of $192 million, compared to $171 million in the second quarter of 2016.“Our second quarter results reflect strong key performance indicators for both our global Lottery and Gaming businesses,” said Marco Sala, CEO of IGT.“Lottery growth is benefiting from innovation and effective sales and product marketing initiatives. In Gaming, the global installed base was up and unit sales of gaming machines were higher, as were average selling prices, all supported by strong demand for new cabinets. Overall, we are pleased with the results of the first half, and we expect a more robust product offer to support stronger sales and profit levels in the second half of the year.”Updating investors, IGT governance pointed to the firm’s ongoing commitment to significantly lower the firm’s corporate debt, which at present stands at $6.9 billion (2016: $7.83 billion)“We’ve made a lot of good progress on many levels so far this year,” said Alberto Fornaro, CFO of IGT.“We are lowering our debt and we are enhancing cash generation through disciplined asset and financial management. We are maintaining our outlook for adjusted EBITDA and net debt for the year, and have modestly reduced capital expenditures to account for certain timing shifts.”last_img read more

Wellington’s Jensen Lynnes breaks another swim team record in Division 1 Championships

first_imgJensen LynnesSubmitted to Sumner Newscow — Jensen Lynnes participated in the Missouri Valley Championships Friday, Saturday, and Sunday in Lawrence. The Wellington swimmer had a busy weekend as it was, but she actually qualified in more events than she was allowed to swim. Championships is the most prestigious meet hosted by Missouri Valley.While Missouri Valley is divided into two Districts meets (East and West), the Championships meet in Lawrence contained all the best swimmers in the Missouri Valley LSC, which encompasses all of Kansas, about half of Missouri, a section of the Oklahoma panhandle, and a nick of Texas.Lynnes proved herself perfectly capable of handling the stiff competition. With a 3.8 second cut in the 100 Back, she placed 13th out of 49 and captured Aurora Bonham’s team record. The 50 Free is always a competitive event, and this year was no exception. Out of 50 swimmers, Lynnes took 19th, shaving a fraction of a second and so beating her own team record. On her last swim of a long weekend, Lynnes improved her own team record with a 43.43 in the 50 Back, taking 22nd out of 45. By cutting over a second in the 100 Free, Lynnes beat Savanna Bonham’s team record (fun fact: it was exactly six years old) and placed 28th out of 53. Lynnes was unable to shave more time from the two second cut last weekend that qualified her 50 Breast for Championships, but she did swim her time, adding just .22 seconds and placing 17th out of 31. Lynnes demonstrated great mental and physical toughness in the 100 Breast and 50 Fly.After only ten minutes of recovery from her 50 Free, Lynnes had to hop back up on the blocks for the long breaststroke. Despite the aching muscles, she placed 24th. The fly is, by most accounts, the hardest stroke of all, and it is certainly no easier when it is the third event of the day! Still, Lynnes persevered, placing 35th.While year-round swimmers can represent their hometown swim team in summer leagues, they generally required to compete for their year-round club at qualification meets (depending on which team they are registered with in USA Swimming).Competing for the Wichita Aquashocks allowed Lynnes to team up with summer league rivals/year-round teammates Chloe Thome (of Twin Rivers), Sayler Roberts (of Haysville), and Nina Nelson (of Valley Center). The GPSL-spanning dream team gave Columbia Swim Club exhilaratingly tight races in both the medley and free relays. While they were unable to pull it out at the end, the Aquashocks team earned two second place medals to mark their successful meet.Follow us on Twitter. Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comment (1) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. +2 Vote up Vote down Guest · 262 weeks ago Way to swim Jensen. Keep up the great work! Report Reply 0 replies · active 262 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more