Report
Expert Corporate Governance Service (ECGS)
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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.

Underlying
St. James's Place Plc

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.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Analysts
Expert Corporate Governance Service (ECGS)

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