FBD Holdings plc is scheduled to hold its annual general meeting on Thursday 11 May. With shares in Ireland’s only listed insurer up around 30% since 2022’s AGM, attendees will probably not have much to complain about.
That strong performance means there is almost zero chance of sufficient opposition building to CEO Tomás Ó’Midheach’s new pay package. There have been media reports that influential proxy advisor Glass Lewis has urged shareholders to oppose a proposal to increase Ó Midheach’s base salary.
In 2022, the CEO’s basic pay was €500,000. The proposed 8% (€40,000) increase is being awarded “in recognition of his strong contribution since being appointed in January, 2021” according to the board’s remuneration committee. That committee also noted that he has received no pay rise since his appointment.
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Glass Lewis had previously objected to pay rises at FBD, with the 2021 award of a 10% increase for finance director John O’Grady coming under particular criticism.
On that occasion, the directors’ remuneration policy was unanimously approved at the AGM. There is nothing to suggest the outcome will be any different in a couple of weeks.
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FBD Holdings plc is scheduled to hold its annual general meeting on Thursday 11 May. With shares in Ireland’s only listed insurer up around 30% since 2022’s AGM, attendees will probably not have much to complain about.
That strong performance means there is almost zero chance of sufficient opposition building to CEO Tomás Ó’Midheach’s new pay package. There have been media reports that influential proxy advisor Glass Lewis has urged shareholders to oppose a proposal to increase Ó Midheach’s base salary.
In 2022, the CEO’s basic pay was €500,000. The proposed 8% (€40,000) increase is being awarded “in recognition of his strong contribution since being appointed in January, 2021” according to the board’s remuneration committee. That committee also noted that he has received no pay rise since his appointment.
Glass Lewis had previously objected to pay rises at FBD, with the 2021 award of a 10% increase for finance director John O’Grady coming under particular criticism.
On that occasion, the directors’ remuneration policy was unanimously approved at the AGM. There is nothing to suggest the outcome will be any different in a couple of weeks.
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