We are advocates for transparent markets, accountable corporations and responsible investments

PIRC is the UK's leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility.

Since 1986, it has been the pioneer and champion of good corporate governance within the UK. PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its Corporate Governance Service is an authoritative and vital resource for active investors, whilst its widely-read Shareowner Voting Guidelines provide a market-wide benchmark for investors and forms part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors. For more information about PIRC or to arrange a meeting, contact Janice Hayward, or call us on 0207 247 2323.

Shareholders give M&S bloody nose over £15m pay for Bolland

Thu, 2010-07-15

The Independent

Nearly one in five shareholders refused to support the remuneration report of Marks & Spencer yesterday at its annual meeting, as they rebelled against the £15m its new chief executive Marc Bolland could earn this year.

The bloody nose given to M&S over its executive pay is the latest given by investors to a string of blue-chip companies. There were similar votes at the annual meetings of the mining group Xstrata and the consumer-goods company Reckitt Benckiser.

When the 8 per cent abstention vote is included, 16 per cent of shareholders failed to back the remuneration report, with 83.8 per cent supporting it. This is above the average levels of opposition or abstention for votes on executive pay this year.

Pirc, the corporate-governance body, and the Association of British Insurers had both urged investors to vote against the resolution on executive pay. More specifically, Pirc had highlighted the "highly excessive" executive pay at M&S and the lucrative package given to Mr Bolland, who could earn up to £14.8m this year, although £7.5m of this is compensation for bonuses accrued in his previous post at Morrisons.