Big protest vote at Tomkins AGM

2 June 2009

Sarah Wilson

EU regulation

At today's AGM of Tomkins plc (FTSE 250 constituent), only 38.8% of shareholders voted in favour of the remuneration report resolution. Measured in terms of dissent (61.2%), the rebellion against the remuneration report ranks just outside the top ten all-time for such resolutions, however the resolution did manage to pass. The dissent was split between against votes (24.63%) and abstentions (36.57%), allowing the resolution to achieve the requisite majority.

In Manifest's meeting business report, we noted a 38% salary increase for the CEO, James Nicol. He received a bonus of £521k and an LTIP award with a face value of £2.7m. These were awarded despite a notable downturn in Company performance when measured using a number of the key performance indicators identified by the company.  Amongst the other noted remuneration policy concerns were the potentially unlimited bonus and a generous defined benefit pension contribution entitlement for Nicol equivalent to 37.5% of salary. In the event of early termination of his contract, Nicol would be entitled to a pro-rata bonus (not necessarily contentious), plus a further amount for the bonus year following the bonus year in which the date of termination falls equal to 50% of fixed salary for that bonus year. This guaranteed bonus element of his termination clause runs contrary to best practice.

The protest vote was the second highest in the FTSE 250 during 2009, second only to Bellway - whose remuneration report was defeated in January. Full details of the voting on the resolution is available on Manifest VoteWatch ™.

Latest News

SHareholder meeting

US SEC moves to rescind Rule 14a-8, risks damaging shareholder proposal process

SHareholder meeting

AI-related risks outstripping company governance practices, Railpen report cautions

SHareholder meeting

ASX governance reform: simplification must preserve decision-useful disclosure

SHareholder meeting

Accountability Versus Allocation: Who Is Corporate Reporting For?

SHareholder meeting

SFDR Review Moves Forward, But Key Questions Remain for Investors

SHareholder meeting

German governance code reform: Minerva supports simplification, but draws a line at investor visibility

Featured Briefings

Minerva Briefing

Shareholder Proposal Voting Trends 2026 H1

Minerva Briefing

Virtual-Only AGMs

Minerva Briefing

UK Proxy Season Review 2026

Minerva is a global provider of sustainable stewardship solutions with over 30 years of expertise. Minerva empowers investors by providing essential tools, including ESG research and data and expert insights, enabling them to navigate the intricate and ever-evolving landscape of stewardship and proxy voting, whilst ensuring their decisions are well-informed and aligned with sustainable principles.

Related Stories

Minerva Proxy Update

June 12, 2026
Read More
shareholder meetings and proxy voting

Minerva Proxy Update

June 5, 2026
Read More
Exon logo

ExxonMobil’s Texas Redomicile Passes with High Dissent

June 5, 2026
Read More
AGM, Proxy Season, Shareholder Proposals

Minerva Proxy Update

May 29, 2026
Read More
AGM and proxy voting

Minerva Proxy Update

May 15, 2026
Read More