Single Figure Calculations prove tricky for Legal & General

31 May 2016

Editor

EU regulation

The insurer and institutional investor Legal & General plc (L&G), had to correct its annual report pay figures for chief executive, Nigel Wilson, on the eve of its AGM last week (26th May).

L&G, whose investment division LGIM is active in corporate governance issues, admitted that awards from Wilson's 2012 performance share plan had not been included because originally they had looked at the 2016 exercise date rather than when they vested in 2015. As a result Wilson's total pay in 2015 should have been reported as £5.5m rather than £4.7m as it had been in the annual report. L&G received 97% backing by investors for its remuneration report.

Meanwhile, Germany's, Deutsche Bank received a 51.9% rejection of its pay package for its management board members while at US investment bank Goldman Sachs 33% voted against the executive pay resolution at their AGMs both held last Friday (20th May). Manifest has graded Goldman Sachs F for its remuneration policy with poor practices including short and long-term incentive plans with unlimited payout potential and a cash bonus plan paid entirely at the discretion of the remuneration committee. Deutsche Bank's remuneration policy was graded D by Manifest which noted that bonuses were being paid out to directors despite losses at the bank.

Latest News

SHareholder meeting

Minerva Maintains UK Stewardship Code Signatory

SHareholder meeting

South Korea expands reach of ESG disclosure rules

SHareholder meeting

TXSE launches amid looming threats to shareholder rights

SHareholder meeting

Anti-DEI Grant Criteria Blocked by US Judge

SHareholder meeting

US SEC Postpones Shareholder Proposal Process Review

SHareholder meeting

Minerva proxy update: AGM season slows as focus turns to Australia

Featured Briefings

Minerva Briefing

UK Proxy Season Review 2026

Minerva Briefing

Australia Proxy Season Review 2025

Minerva Briefing

2026 Proxy Season Preview

Related Stories

AGM and Proxy Voting

Minerva proxy update: AGM season slows as focus turns to Australia

July 10, 2026
Read More
Indiana and Proxy advisor restrictions

Indiana injunction marks third court setback for proxy advisor restrictions

July 1, 2026
Read More
Minerva Proxy Season Review 2026

2026 UK Proxy Season: targeted shareholder dissent yields boardroom fallouts

June 26, 2026
Read More
Shareholder Proposals and AGM

Minerva Proxy Update

June 26, 2026
Read More
Research and Proxy Voting

Minerva Proxy Update

May 22, 2026
Read More