Pearson’s new remuneration policy supported by 96% shareholders: Glen Moreno
Pearson Chairman Glen Moreno has claimed that the publishing company has acknowledged the basis of shareholders' objection to its remunerations policy and has already addressed the issue in the new remuneration policy.
Mr. Moreno acknowledged that more than 35 per cent of shareholders voted against the company's remunerations report, but added that the new remuneration policy had received the support of 96 per cent of its shareholders.
Speaking on the topic, he said, "The vote on our remuneration report for last year was heavily influenced by objections.. We acknowledge the basis of this objection. We have already addressed this issue in our new remuneration policy, which has received the support of 96% of our shareholders."
Pearson became the latest FTSE 100 firm to face a shareholder backlash over huge executive pays when more than a third of shareholders rejected its remunerations report for last year.
Including those who withheld their votes, nearly 37 per cent of shareholders refused to endorse the company's remuneration report.
The report stated that former director Rona Fairhead, the former director of the Financial Times, received £347,000 before she left the company last year.
Alongside its AGM, Pearson issued a trading update that revealed a year-on-year decline of 6 per cent in sales in the first quarter of 2014. However, if currency movements are stripped out, the publisher's sales were up 2 per cent year-on-year.