UK local government funds criticise Barclays over executive pay

first_imgThe Local Authority Pension Fund Forum (LAPFF) has said it will vote against Barclay’s executive remuneration plan at today’s annual general meeting (AGM), while attacking its decision for Sir John Sunderland to lead the selection of the bank’s new chairman.The forum, a shareholder voting group for 60 local authority funds with more than £120bn (€146bn) in assets, said it believed institutional shareholder pressure was the only meaningful way to spur change at the bank.Sunderland is currently non-executive director at the bank, and former head of the remuneration committee, which came under severe criticism from shareholders for excessive pay.Councillor Kieran Quinn, who chairs the forum, said: “Sir John Sunderland has fortunately recognised it is inappropriate for him to serve as chair of the remuneration committee, but how can it be appropriate for him to lead the selection of Barclay’s new chair? “It appears that a continuing series of no votes by institutional shareholders is one of the few options open for meaningful engagement at Barclays.”The re-election of Sunderland and planned remuneration are two of the bank’s proposals expected to be rejected by the Forum and fellow institutions at today’s AGM.Pensions & Investment Research Consultants (PIRC), a proxy-voting service, has advised its members to follow suit.Standard Life Investments (SLI), asset manager and institutional shareholder, also denounced the bank’s remuneration policy.Owning 1.92% of the bank on behalf of its clients, SLI said it did not take the decision to reject the remuneration report lightly.Alison Kennedy, stewardship director at the manager, said: “We appreciate there were competitive pressures. Nevertheless, we are unconvinced the amount of the 2013 bonus pool was in the best interests of shareholders.“The board has stated its intention of reducing the compensation to net income ratio over the medium term. We support this intention, and it is important that, over time, the board demonstrates convincingly this will be achieved.”A spokesman for the LAPFF added that, while Barclays was a high-profile example, it was the tip of the iceberg for the problems in the financial sector.“The LAPFF has a long history of raising governance concerns at Barclays and at banks in general, going back to the LIBOR scandal, executive remuneration and accounting standards,” he said.“It is clear Barclays is the tip of the iceberg of dissatisfaction from pension funds.”last_img read more

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Omidiran, Kulu-Akinyemi, Falode Challenge Women Players on Education

first_imgNFF President, Amaju Pinnick, charged the women football players to see a role model in the incumbent Head Coach of the Super Falcons, Florence Omagbemi, who captained the Super Falcons for several years and won many laurels, and is today a member of the FIFA Technical Study Group.Omidiran, who funded top club, Omidiran Babes for more than 10 years and is currently a ranking Member of the House of Representatives, told the women players present that education is a lifetime endeavor, and that only education could assure them of a comfortable life after they must have stopped playing the game.Kulu-Akinyemi insisted that “football, like every other sport, has the shortest active years and longest retirement period,” as “an athlete begins to perform at elite level from age 17 and by age 35 on the average, his/her professional career is almost over” as a result of injuries, age, marriage and competition from younger athletes.Falode, leading women’s football promoter and Member of the CAF Media Committee, painted a graphic picture of why women players must have education, citing the examples of Omagbemi, Mercy Akide-Udoh, Abby Wambach, Courtney Dike, Mia Hamm and Eniola Aluko among others.Chairman of the occasion, NFF 2nd Vice President/LMC Chairman, Mr. Shehu Dikko charged the women players present to take home the underlying fact that there is never a time that education cannot be pursued, as long as the determination is there.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Former NFF Board Member, Hon. Ayo Omidiran, Director of Federations and Elite Athletes department of the Federal Ministry of Youth and Sports, Mrs Hauwa Kulu-Akinyemi and CAF Match Commissioner Aisha Falode on Tuesday challenged Nigeria women football players to take education as serious as they take the game of football.The eminent persons spoke at a technical session for players of the Super Falcons, Falconets, NWFL club Nasarawa Amazons and some secondary school girls at the second FIFA Female Leadership Development Programme organized by the Nigeria Football Federation.last_img read more

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