Global Investing

UPDATE: Well sprung?

(This May 25 post has been updated to reflect AGMs which took place on Friday and to include graphics)

We’ve just witnessed a stirring spectacle of shareholder empowerment during the British AGM season. Haven’t we?

Well…. I’ve pulled together some numbers on remuneration resolutions from the 63 FTSE100 AGMs we’ve seen so far this year which shows that the average protest vote against pay did indeed go up from 2011 to 2012….

…by 0.2%.

Not quite the man-the-barricades spirit evoked by talk of a ‘Shareholder Spring’.

The average vote against executives’ pay deals was 8.2% compared to 8.0% last year for the companies that now make up the FTSE100.

Bosch Boss Bashes Bloated Bank Bonuses

Bosch CEO Franz Fehrenbach

Bosch CEO Franz Fehrenbach

Everyone complains about fat banker bonuses, but Bosch Chief Executive Franz Fehrenbach is taking the debate to a new level. The head of the world’s biggest car parts maker is going to review ties with its financiers and may break off business with those that pay excessive bonuses, he told reporters. “We find it irresponsible if some big banks more or less go back to business as usual before the crisis despite what we have gone through,” he said. ┬áHe cited HSBC and JP Morgan as positive examples of good corporate behaviour. Of course it’s easier to be picky when you are unlisted and generate huge cash flow.

Standard Chartered: Far from declaring victory over crisis

Peter Sands, Chief Executive Officer of Standard Chartered says the grip of the global financial crisis has loosened but there is still a lot of work to be done to fix the damage. He spoke with Reuters on the sidelines of the Clinton Global Initiative where he said the public has a right to be angry with bankers about their pay but capping compensation on a global level is not likely to happen. Watch his responses here and tell us what you think. Is it possible to have a global cap on executive compensation?