Weekly outlook: Shareholders to vote on executive pay at Mitie and Tate & Lyle

Key events for UK wealth managers for the week starting 24 July

Placing vote in ballot box


Three chief executives will put their salaries to a shareholder vote this week as the annual general meeting (AGM) season continues.

Remuneration policy has come into the spotlight this year with the cost-of-living crisis continuing to bite.

See also: Director pay to dominate asset manager voting at AGMs

Tuesday 25 July

First up, Mitie shareholders will gather at the Shard for the company’s AGM on Tuesday.

In the year to the 31 March, the facilities management services provider’s revenue exceeded £4bn for the first time, while underlying profits rose £6m to £151m.

Lee Wild, Interactive Investor head of equity strategy, said: “Chief executives seem to be earning more than ever, and all will be revealed on a public stage. Mitie Group, for example, netted £5.85 million for its boss in the last financial year, a figure that would have been even higher had the company not applied downward discretion. With its shares surging, former British Gas boss Phil Bentley can expect an estimated £3.9 million from the vesting of long-term incentives in 2022/23.

“This was after the company’s pay committee applied discretion of 10% to account for potential windfall gains on the shares granted in 2020. It also lowered the annual bonus by 20% to £838,000 in order to consider the wider stakeholder experience. But this single remuneration figure, which includes shares that are subject to a holding period, is the highest received by Bentley since he took on the leadership role in 2016.”

Thursday 27 July

On Thursday, Tate & Lyle host their AGM at the Thistle London Marble Arch.

CEO Nick Hampton’s base salary increased by 1.5% in April, taking it to £723,000 while total remuneration for 2022/23 amounted to £3.37 million, the highest figure since his appointment in April 2018.

This included cash and deferred shares worth £1.03 million after the annual bonus scheme paid 96% of the maximum. The 69.5% vesting of long-term incentive shares granted in 2020 added £1.5 million to the final figure.

Also on Thursday, the B&M European Value Retail AGM will  take place.

According to Interactive Investor, The salary of former finance boss Alex Russo, who became chief executive last September, is £832,000 after a 4% pay rise in April.

His total remuneration for 2022/23 was £1.6 million, including cash and shares worth £556,640 as the annual bonus scheme paid 56.9% of the maximum opportunity.

Wild added: “Having a say in the companies you invest in is a major part of investing. Not everyone will want to, but plenty will want to vote at company meetings, and ultimately jargon and processes can be daunting and put investors off. Understandably so.

“But meetings like the ones of Mitie and Tate & Lyle, where something as emotive as executive pay is on the table, are not ones to be missed. We want to do our bit to make sure private investors have the tools and information to hand, should they wish to use them.”

Elsewhere this week:

Monday 24 July

  • Cranswick Q1 Trading Statement
  • DiscoverIE Group Q1 Trading Statement
  • Games Workshop  Full Year Results
  • Moneysupermarket Half Year Results
  • Vodafone Q1 Trading Statement

Tuesday 25 July

  • Alphabet Q2 Results
  • Bridgepoint Group Half Year Results
  • Compass Group Q3 Trading Statement
  • Croda International Half Year Results
  • JTC Q1 Trading Statement
  • LVMH Half Year Results
  • Microsoft Q4 Results
  • Mitie Group Q1 Trading Statement
  • Half year results from Three, Tyman, Unilever, Verizon, and Visa

Wednesday 26 July

  • British American Tobacco Half Year Results
  • Centamin Half Year Results
  • Coca-Cola Q2 Results
  • Elementis Half Year Results
  • FDM Group Half Year Results
  • Fresnillo Q2 Production Report
  • GSK Q2 Results
  • Lloyds Banking Group Half Year Results
  • Meta Platforms Q2 Results
  • Primary Health Properties Half Year Results
  • Rathbones Q2 Results
  • Reckitt Benckiser Group Half Year Results
  • RHI Magnesita Half Year Results
  • Rio Tinto Half Year Results

Thursday 27 July

  • Airtel Africa Q1 Results
  • Anglo American Half Year Results
  • Barclays Half Year Results
  • Beazely Q2 Trading Statement
  • Britvic Q3 Trading Statement
  • BT Group Q1 Trading Statement
  • ITV Half Year Results
  • Jupiter Fund Management Half Year Results
  • McDonald’s Q2 Results
  • Mobico Group Half Year Results
  • Half Year Results from Nestle, Relx, Rentokil, Schroders, SEGRO, Shell, SJP, and Vesuvius.

Friday 28 July

  • AstraZeneca Q2 Results
  • Chevron Q2 Results
  • IMI Half Year Results
  • International Consolidated Airlines Half Year Results
  • Intertek Group Half Year Results
  • Morgan Advanced Materials Half Year Results
  • NatWest Group Half Year Results
  • Paragon Banking Group Q3 Trading Statement
  • Rightmove Half Year Results
  • Standard Chartered Half Year Results
  • Vanquis Banking Group Half Year Results

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