Fernando Rodríguez escribe para The Corner. Leer el artículo completo here.
Fernando Rodriguez – “The aspects of the information distributed at the IBEX 35 shareholders’ meetings that received the most negative voting recommendations from us are similar to those from other companies in Europe,” summarises Juan Prieto, CEO of Corporance, the proxy advisor that belongs to the European ECGS network. So far this year, Corporance has made recommendations to investors at 36 shareholders’ meetings, in total, 614 concrete proposals on different items on the agenda, 18 for each annual shareholders’ meeting.
The Remunerations of Board Members and/or Chairmen or CEOs was the item that received the highest percentage of negative recommendations, 62.7% of “noes”, either due to the very formulation of the remuneration policy or due to the volume or composition of salaries. “Although it is obvious that it is not possible to generalise and that companies – above all, large companies – are being more and more careful in this respect, the practices we are most opposed to are: the excessive amount of remuneration compared to the European average and compared to companies in the same sector with similar capitalization, the little transparency in terms of the composition of remuneration packages and the absence of metrics to analyse bonuses, – sometimes linked to short-term goals-,” explains Prieto.