St. Jamesns Place - AGM 14 May 2019
Item 10: Approve the Remuneration Report
The remuneration structure is unsatisfactory. There are concerns over incentive pay as the use of qualitative criteria exceeds guidelines. Furthermore, 50% of the bonus is determined on a discretionary basis and 66% of the LTIP is linked with EPS. Over-reliance on EPS could result in management making decisions to maximize profits for the short term, often at the expense of long term shareholder value. EPS can be positively influenced through share buybacks, fluctuations in foreign exchange, or amendments made to accounting rules & regulations. Performance is not measured against a peer group or other relevant benchmarks. We recommend shareholders oppose.
St. James's Place provides a range of insurance, investment and other wealth management services through its subsidiaries, which are incorporated in the U.K., Ireland and Asia.
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