Unilever, the FTSE-100 client items big behind Marmite and Lynx, is going through an investor backlash over its new chief government’s multimillion pound pay package deal.
Sources acquainted with ISS’s report on Unilever’s AGM resolutions say the company objects to the low cost of simply €50,000 that the Ben & Jerry’s proprietor has utilized to the bottom wage of Fernando Fernandez, in comparison with Hein Schumacher, his predecessor.
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Unilever shocked the Metropolis in February when it introduced that Mr Schumacher would depart after simply two years within the job, amid frustration in its boardroom in regards to the tempo of development.
In an accompanying assertion, Unilever stated Mr Fernandez – beforehand the chief monetary officer – can be paid a primary wage of €1.8m, modestly decrease than Mr Schumacher’s €1.85m.
In a abstract of ISS’s report, the proxy adviser stated Mr Fernandez’s “base salary as new CEO is significant and represents a small discount to the former CEO Hein Schumacher’s base salary”.
“The company does not appear to have sufficiently accounted previously raised shareholder concerns on the CEO role’s pay arrangement when setting Mr Fernandez’s remuneration.”
Unilever had additionally “disapplied time pro-rating” in respect of former government administrators’ long-term share awards, that means that the corporate may have legitimately determined to award them smaller quantities of inventory than it did.
On Wednesday afternoon, shares in Unilever had been buying and selling at round £44.79, giving the maker of Magnum ice cream and Persim washing-up liquid a valuation of near £115bn.
Unilever didn’t reply to a request for remark.
