Latest news with #executivepay
Bloomberg
2 days ago
- Business
- Bloomberg
Big Pay Packages Spark Growing Dissent Among UK Shareholders
Shareholder dissent over executive pay at British companies is rising just as firms seek to bolster pay packages to remain internationally competitive. Three times as many companies faced opposition from more than 20% of shareholders so far this year compared with the same period in 2024, data from proxy-solicitation firm Georgeson Inc. shows.
Irish Times
3 days ago
- Business
- Irish Times
Donohoe set to remove banker pay caps
A day after the Government said it would sell off the last of its stake in AIB, Minister for Finance Paschal Donohoe has moved to lift the State's remaining €500,000 executive pay cap at that bank as well as PTSB. As Joe Brennan reports, both lenders remained subject to a pay limit after restrictions were lifted at Bank of Ireland in late 2022, following the sale of the State's last shares in that lender. Joe also reports that Energia Group, the electricity and gas utility controlled by New York private equity firm I Squared Capital, handed a further €40 million of dividends to its owners in April, weeks after they pressed the start button a sale of the business. The payment, disclosed in Energia's financial accounts for the year to March, brings total distributions to more than €540 million since the US firm bought Energia, then known as Viridian, in 2016 for €1 billion. Why does Ireland struggle so much with infrastructure ? In his column, John McManus unpacks why this country has struggled with big projects for years and will continue to do so. Most of us would like to give to charity if we could, but not everyone has the spare cash to do so. In Money Matters , Joanne Hunt shows how it can be done. READ MORE Ireland's clean energy transition is mired in 'policy gridlock and incoherence', lobby group Ibec has claimed. In a new report, the employers' group is highly critical of what it describes as the lack of a 'clear and compelling vision' for what a net-zero economy 'means and looks like in practice'. Eoin Burke-Kennedy read the report. Dublin is the fifth most expensive capital city in Europe, but ranks far better for affordability when average wages are taken into account, according to the findings of a new report. Colin Gleeson reports. The Labour Court has set aside three days next month to hear an appeal by Elon Musk's X against a ruling that it must pay out an Irish record unfair dismissal award of €550,131 to a former executive. Gordon Deegan has the story. Irish goods exports to the US fell by 62 per cent in April after US President Donald Trump imposed tariffs on all European Union (EU) imports. The latest trade figures from the Central Statistics Office (CSO) show export volumes to the US dropped by €16 billion in one month after Mr Trump's so-called 'liberation day' tariffs announcement. Eoin has the story. In Commercial Property, Ronald Quinlan reports that The Ivy is to open a second restaurant on Dublin's Dawson Street. Ronald also has details of a US investor poised to pay €120 million for three retail parks here, while a Merrion Square property in central Dublin is on the block for €4 million. Irish people are paying for news more than ever before, as podcasts experienced a 'surge in popularity ' last year according to the Digital News Report Ireland. Hugh Dooley has read the report. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Bloomberg
3 days ago
- Business
- Bloomberg
Ireland Removes Pay Caps for AIB and PTSB Executives
Salary caps for executives at AIB Group Plc and PTSB Group Plc will be removed, Ireland's Minister for Finance Paschal Donohoe has announced 'I am announcing now a further normalization of the relationship between the state and the domestic banking system,' Donohoe told reporters Tuesday. 'This means the removal of certain crisis era measures which continue to be in place today, including certain restrictions relating to pay,' he added.
Yahoo
4 days ago
- Business
- Yahoo
Nationwide draws up bonus plan that could give CEO £7m payday
Nationwide's chief executive, Debbie Crosbie, could land a maximum pay package of nearly £7m as part of a new bonus plan that has been criticised as 'borderline hypocritical' for a UK building society. The pay policy, which will be put to its customers next month, would raise Crosbie's maximum payout by 43% to £6.9m. She had previously been allowed to earn up to £4.8m under the building society's remuneration guidelines. The plans were outlined in Nationwide's annual report, which argued that Crosbie's pay should reflect new demands following the £2.9bn takeover of Virgin Money, and should be offering payouts close to packages offered by rivals including Lloyds Banking Group and NatWest. Those rivals, it said, had 'significantly increased' executive pay following the eradication of the UK banker bonus cap, which previously limited payouts to two times' salary. 'This has materially increased the gap between Nationwide and the firms with which we compete for senior talent,' its annual report said. Nationwide now wants to offer Crosbie an annual bonus worth up to 150% of her £1.1m salary, up from 100%, and said it would consider hiking other elements – which could include long-term bonuses – in order to compete with other big high street lenders. 'While our proposed changes for 2025-26 will go some way to addressing the competitive gap, we remain materially behind some of our UK banking peers, and the committee recognises that future policy changes among other firms may further increase the existing gap,' the annual report said. Nationwide is hoping that its customers back the new plan at its annual meeting, which is being held online on 25 July. But the pay policy drew criticism from the High Pay Centre thinktank, which said a member-owned UK building society like Nationwide should not be trying to match UK banks on pay. Luke Hildyard, the director of the High Pay Centre, said: 'It's borderline hypocritical for a building society that presents itself as an ethical alternative to the major banks to replicate their pay culture, the aspect of modern banking that people find most egregious. 'Nationwide is a longstanding institution with an established brand and business model. They really don't need to make such vast executive payouts and could better reflect the values they project in TV adverts by doing things differently.' Nationwide had a TV advert banned last year that mocked its bank rivals. The original advert showed the actor Dominic West as a fictional, hard-nosed bank manager intent on closing branches. He mocked customers who have lost their life savings as a 'total yawn fest', clicks his fingers for a green smoothie and says: 'We're not Nationwide are we, we're nothing like them.' Nationwide's annual report showed Crosbie was paid a total of £2.5m for the financial year to March, up 2.4% from a year earlier. The staff bonus pot – excluding new Virgin Money colleagues – rose 16.8% to £97m. Including the newly added Virgin Money workforce, the bonus pot totalled £132m. A Nationwide spokesperson said: 'Nationwide has become the second largest provider of mortgages and retail deposits, and remains first for customer satisfaction, because it can attract, retain and motivate talented leaders to run a business of this scale and prioritise member value.'
The Guardian
4 days ago
- Business
- The Guardian
Nationwide draws up bonus plan that could give CEO £7m payday
Nationwide's chief executive, Debbie Crosbie, could land a maximum pay package of nearly £7m as part of a new bonus plan that has been criticised as 'borderline hypocritical' for a UK building society. The pay policy, which will be put to its customers next month, would raise Crosbie's maximum payout by 43% to £6.9m. She had previously been allowed to earn up to £4.8m under the building society's remuneration guidelines. The plans were outlined in Nationwide's annual report, which argued that Crosbie's pay should reflect new demands following the £2.9bn takeover of Virgin Money, and should be offering payouts close to packages offered by rivals including Lloyds Banking Group and NatWest. Those rivals, it said, had 'significantly increased' executive pay following the eradication of the UK banker bonus cap, which previously limited payouts to two times' salary. 'This has materially increased the gap between Nationwide and the firms with which we compete for senior talent,' its annual report said. Nationwide now wants to offer Crosbie an annual bonus worth up to 150% of her £1.1m salary, up from 100%, and said it would consider hiking other elements – which could include long-term bonuses – in order to compete with other big high street lenders. 'While our proposed changes for 2025/26 will go some way to addressing the competitive gap, we remain materially behind some of our UK banking peers, and the committee recognises that future policy changes among other firms may further increase the existing gap,' the annual report said. Nationwide is hoping that its customers back the new plan at its annual meeting, which is being held online on 25 July. But the pay policy drew criticism from the High Pay Centre thinktank, which said a member-owned UK building society like Nationwide should not be trying to match UK banks on pay. Luke Hildyard, director of the High Pay Centre, said: 'It's borderline hypocritical for a building society that presents itself as an ethical alternative to the major banks to replicate their pay culture, the aspect of modern banking that people find most egregious. 'Nationwide is a longstanding institution with an established brand and business model. They really don't need to make such vast executive payouts and could better reflect the values they project in TV adverts by doing things differently.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Nationwide had a TV advert banned last year that mocked its bank rivals. The original advert showed the actor Dominic West as a fictional, hard-nosed bank manager intent on closing branches. He mocked customers who have lost their life savings as a 'total yawn fest', clicks his fingers for a green smoothie and says: 'We're not Nationwide are we, we're nothing like them.' Nationwide's annual report showed Crosbie was paid a total of £2.5m for the financial year to March, up 2.4% from a year earlier. The staff bonus pot – excluding new Virgin Money colleagues – rose 16.8% to £97m. Including the newly added Virgin Money workforce, the bonus pot totalled £132m. A Nationwide spokesperson said: 'Nationwide has become the second largest provider of mortgages and retail deposits, and remains first for customer satisfaction, because it can attract, retain and motivate talented leaders to run a business of this scale and prioritise member value.'
