You might have thought events of the past 18 months would have persuaded institutional fund managers to take a firmer stand on executive remuneration. Well, guess what? They haven’t.

With two or three notable exceptions, the large fund managers remain happy to limit their involvement on this critical issue to voting against the remuneration policy and the implementation report at the company’s AGM, content in the knowledge that this is a gesture with absolutely no consequence. The remuneration votes are nonbinding. And in many cases even this mealy-mouthed function is outsourced to consultants...

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