LEGSEG shareholders revolt about CEO David Schwimmer’s salary

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The London Stock Exchange Group has suffered a significant revolt on the planned remuneration of CEO David Schwimmer after 30 percent of shareholders voted against.

An important minority protested at the group’s annual meeting against LsegThe remuneration policy, by virtue of which Schwimmer’s pay will increase to £ 7.8 million from 5.1 million pounds this year. The exchange and data group, which is part of the FTSE 100, had argued that the pay of his head should marked against us and domestic rivals.

ISS, the Proxy Advisor, had previously urged shareholders to reject the Schwimmer package, citing concerns about the long -term incentive award. The regime was “contrary to the typical practice of the United Kingdom market,” the advisor warned.

Thursday’s great vote marked the Second reconstruction For the shareholders in five years at the LSEG Board on Schwimmer’s salary. Former Goldman Sachs, who has been running the group since 2018, has supervised a transformation by the London Stock Owner, with the purchase of $ 27 million from the Refinitiv data provider in 2021.

Although the agreement helped to convert the exchange operator into a world financial group and one of the ten largest companies in the FTSE 100, it has been affected by the criticism that has lost its focus on the stock market.

There were only 18 new listings in their markets last year, the lowest since 2010, while 88 companies abandoned or transferred their primary list, according to data from EY consulting.

Last year’s shareholders approved almost 90 percent of the new remuneration policy, which referred to the performance of their maximum executives to other exchange and data providers, including S & P Global and MSCI International.

Schwimmer’s performance will be measured equally against two reference points: FTESE heads and rival world -wide competitors. The threshold of comparison with colleagues in the industry is set on an “medium performance”, for which you will receive a percentage of 50 percent payments, current rates.

The company said it would continue to relate to the shareholders and to “detain any other comment” until Thursday’s vote. It will publish an update within six months according to the corporate government standards of the United Kingdom, he added.

LSEG also recorded an increase of 8.7 percent of the total income of the first quarter in March, as the uncertainty on the overall rate policy of the United States President Donald Trump increased the negotiation in his businesses of currency, fixed income and free sale.

Actions closed 2.3 percent to £ 11.35 in London’s negotiation. At the beginning of the year, the actions reached a record of £ 12.95.