UK: SABMiller quashes call for exec pay revolt
SABMiller CEO's salary under scrutiny
Shareholder consultancy group PIRC is calling on SABMiller's shareholders to reject the brewer's recommendations for executive pay.
PIRC said this week that it is advising shareholders to reject SABMiller's report on executive remuneration, to be voted on at the brewer's annual general meeting on 22 July.
The UK-based consultancy group has also called for shareholders to oppose the re-election of six board members, including chairman Meyer Kahn, who PIRC has said lacks independence from the brewer's executive team.
PIRC has frequently spoken out against executive pay at some of the UK's largest listed companies.
An SABMiller spokesperson shrugged off the consultancy's attempt to incite shareholder revolt. "We think our shareholders are more impressed by our outperformance of the FTSE 100 than the views of a consultancy which actually represents very few investors on our register," he told just-drinks today (16 July).
SABMiller CEO Graham Mackay took home a basic salary of almost GBP1.2m (US$1.8m) for the brewer's financial year to the end of March, representing a 4% rise on the previous year.
He also got a cash bonus of GBP1.58m, which is a return to the bonus levels of two years previously following a drop to GBP888,000 a year ago.
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