Reckitt Benckiser Latest to Feel U.K. Investor Backlash on PayPaul Jarvis
Reckitt Benckiser Group Plc joined a growing number of the U.K.’s largest companies feeling an investor backlash over executive pay after almost a third of shareholders voted to reject the directors’ remuneration report.
About 31.5 percent of investors opposed the report, according to a statement today, while almost 20 percent rejected Reckitt Benckiser’s pay policy at its annual general meeting.
The vote by shareholders in the maker of Lysol cleaners and Dettol disinfectant is the latest in a series of protests against boardroom remuneration in the U.K. About 33 percent of Pearson Plc shareholders opposed the publishing company’s pay report, while AstraZeneca Plc and Barclays Plc also faced opposition at their annual meetings last month.
Reckitt Benckiser is used to investor discontent over its compensation reports. About 18 percent of shareholders opposed the Slough, England-based company on the matter in the previous year, and about 16 percent the year before that.
Reckitt Benckiser Chief Executive Officer Rakesh Kapoor earned about 6.7 million pounds ($11.4 million) in 2013, according to the company’s annual report, down from 8.4 million pounds a year earlier. His pay was still about double the median for household-goods peers, Bloomberg Industries research shows.