Resolution on LSEG CEO pay passed with 76.48% of votes in favour
London Stock Exchange Group held its annual general meeting earlier today.
All resolutions proposed at the AGM were passed by shareholders. Resolutions 1-20 were passed as Ordinary Resolutions and Resolutions 21-25 as Special Resolutions.
The Board of LSEG notes that, while all of the other resolutions at today’s Annual General Meeting were passed with a strong majority, Resolution 3 (Approval of the Annual Report on Remuneration) passed with 76.48% of votes in favour.
LSEG’s board explains that the increase to the CEO’s base salary reflects the increased responsibilities and scope of the role following the acquisition of Refinitiv, which has transformed the business into a significantly larger, more complex and truly global company.
LSEG says it undertook extensive engagement with shareholders on our Remuneration Report and taking into account their feedback, the LSEG Remuneration Committee also determined to significantly increase the minimum shareholding requirement for the CEO from 300% to 400%.
“Although shareholders were broadly supportive of the underlying principle of the CEO’s increase in base salary post completion of the Refinitiv transaction we recognise that certain shareholders would have preferred the increase to have been phased,” LSEG says.
Following the Annual General Meeting, LSEG will continue to engage with its shareholders and will carefully consider all further feedback. The Group will publish an update on that engagement within six months of the Annual General Meeting, in accordance with the UK Corporate Governance Code.