‘We are the 99%’: Shareholders reject top managers’ remuneration

The revolt prompted swift response from Kentz, which said it had started talks with shareholders to resolve it.

LONDON:

While the ‘Occupy Wall street’ movement may have lost its momentum, it seems that the fervor lives on. Shareholders at a British energy services firm Kentz rejected top managers’ pay and bonuses — the first time a London-listed company has been forced to review its executive remuneration policy.

Before 2013, shareholder votes on bosses’ rewards at annual meetings were only advisory, but growing public discontent about high levels of executive pay led the government to make the vote binding.

A majority of shareholders in Kentz, which provides engineering and construction services for the oil and gas companies, voted against two resolutions on pay and bonuses at the company’s annual meeting. The revolt prompted a swift response from Kentz, which said it had already started talks with shareholders to resolve the matter.

Published in The Express Tribune, May 18^th, 2014.

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