GLOBAL: SABMiller plays down shareholder backlash over executive pay
SABMiller CEO Graham Mackay received a total pay package of GBP5.9m last financial year
SABMiller has sought to play down a shareholder backlash over its executives' pay.
Nearly a quarter - 23% - of shareholders rejected the firm's directors' renumeration report at yesterday's AGM in Bagshot, Surrey. It comes after other UK firms have suffered similar revolts from shareholders.
But in a statement to just-drinks, SABMiller said: “Each of the resolutions was approved with a comfortable majority at yesterday’s AGM by shareholders whose investments have grown by a factor of eight since the company listed.”
Last month, the company's annual report revealed that CEO Graham Mackay recieved a total pay package of GBP5.9m (US$9.2m) last financial year, up 5% on the previous 12 months.
Meanwhile, executive changes were also approved at yesterday's AGM. CEO Mackay was confirmed in the additional role of executive chairman, replacing Meyer Kahn as chairman. Mackay will then become non-executive chairman at SABMiller's AGM next year.
The appointment of Mackay has raised eyebrows, as it goes against the UK's corporate governance code recommendations, which says a CEO should not take over as chairman, or fulfil the dual role.
Alan Clark was confirmed as chief operating officer and will succeed Mackay as chief executive at the 2013 AGM.
SABMiller also reported yeterday that its Q1 group revenue was up 8%, helped by volume rises in Latin American and Africa.
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