UK: Diageo plays down vote on executive pay
Diageo will bear in mind vote on exec pay
Diageo has said that it will bear in mind shareholder concerns over the company's executive pay plans, following a vote at its annual general meeting.
At the meeting, held this week, Diageo's remuneration report was rejected by 20% of the shareholders who voted. While the motion still passed, the number of votes against it was markedly high. Some shareholders are reported to be unhappy that the Smirnoff distiller has made it too easy for top executives, including CEO Paul Walsh, to claim large bonuses on top of basic pay.
When contacted by just-drinks, a Diageo spokesperson would not comment on the vote other than to say: "While the vote is only advisory, we will of course take it into account in the future."
While there was no sign of a coordinated revolt orchestrated by a particular shareholder, the vote indicates higher sensitivity around executive pay as the global economy continues to look fragile.
The remuneration report states that, from 1 October, Paul Walsh will receive a 4.5% increase in basic pay, taking his base wage to GBP1.2m (US$1.9m) per year. In 2009 and 2010, Walsh has seen his basic pay remain flat and increase by 2% respectively. From October, Diageo's general staff will receive a 3.5% increase in pay.
Heineken has lined up the creation of a sales business development role in the US....
The Edrington Group has confirmed a change of distillery managers at two of its whisky facilities in Scotland....
- Comment - The Appeal and Perils of Craft
- Review of the Year 2014 - Part IV: Spirits
- Cuba-US Normalisation: Bacardi, Pernod Winners?
- Sustainability in Wine - Part I
- Time is Right for Refresco Gerber Exit
- Belvédère to sell assets, streamline portfolio
- Belvedere vodka tie-up over new James Bond film
- Diageo ups focus on China with Mortlach roll-out
- Diageo rolls out Beckham's Haig Club to US
- Brown-Forman eyeing Scotch, Irish whisk(e)y entry?
- Global vodka insights - market forecasts, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- The IWSR Forecast Report - 2014-2019 Global Review
- Global Tequila Market 2014-2018
- just-drinks on-trend: Craft beer - fortunes and future