Investec Shareholders Should Oppose Pay Policies, PIRC Says
- Executive pay at bank, money manager excessive, says PIRC
- Ratio of CEO pay compared to average employee 32:1, PIRC says
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Investec Plc’s shareholders should vote against the company’s compensation policy next week because pay doesn’t match performance, according to Pensions & Investment Research Consultants Ltd.
A 1 million-pound ($1.3 million) fixed-pay allowance to all executive directors of the South African and British lender and money manager “circumvents the spirit” of European regulations and should be rejected, the U.K. corporate-governance adviser said. Chief Executive Officer Stephen Koseff’s variable pay is excessive because it “represents more than 500 percent of his salary,” as does that of Managing Director Bernard Kantor, it said.