Shareholders’ votes on excess pay may trigger small tweaks, but nothing substantial

The remuneration votes — on the policy and implementation — at annual general meetings (AGMs) are nonbinding advisory votes, which essentially means the board can pretty much ignore them.

The votes are more about providing institutional shareholders with an opportunity to show they are engaged than in reining in excess pay levels. They are, if you like, the investment community’s opportunity for a bit of virtue signalling...

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