Finance

Legal & General hits out at sky-high pay, incompetent auditors and a lack of women in boardrooms


Legal & General hits out at sky-high pay, incompetent auditors and a lack of women in boardrooms

Legal & General Investment Management voted against a record number of companies last year

Legal & General Investment Management voted against a record number of companies last year

Legal & General Investment Management voted against a record number of companies last year as City shareholders flexed their muscles.

The savings group took aim at firms over sky-high pay, incompetent auditors and a lack of women in the boardroom.

The business – which looks after more than £1 trillion for savers – voted against the reappointment of 3,864 directors in 2018, up 37 per cent on the previous year. 

It particularly targeted inflated pay packets, voting against more than a third of remuneration deals at AGMs.

LGIM also took aim at companies over their auditors after a scandal which saw them fail to predict the collapse of outsourcer Carillion. 

It rebelled over the appointment of 326 auditors across the world, up from 37 two years earlier.

Sacha Sadan of LGIM said: ‘The increased figures reflect the higher standards we expect companies to adhere to.’

 

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