A global investor backlash over executive pay escalated yesterday when institutional shareholders turned on Royal Dutch Shell, the multi-national oil group, and voted down its remuneration report.
In one of the biggest investor rebellions over executive pay, about 59 per cent of Shell shareholders objected to a discretionary award to executive directors of bonuses for 2006-08 performance after the company failed to meet set targets. It was the second year in a row that Shell has clashed with investors over pay.
The scale of the no-vote provided strong evidence of the growing anger over remuneration and bonuses among shareholders in the wake of the financial crisis.
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