As Cairn Energy became the latest target of the shareholder revolt, many trustees will be delighted that at last their proxy votes are being used to register the view that executive pay is out of control (particularly since a lot of these votes are cast without ever bothering to consult the ultimate shareholders, the trustees, in the first place).
At this latest vote, no fewer than two-thirds of investors rejected the idea of allowing chairman Bill Gammell to trouser a bonus of reportedly more than £3m, which, one imagines, might otherwise h...
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