At this week’s AGM of Glanbia plc, I noted with interest that the motion to award a pay rise to Glanbia boss Siobhan Talbot and finance director Mark Garvey was passed comfortably, with 73% in favour.
There had been rumblings that shareholders might vote against the proposals after two firms which provide independent advice to investors on governance, ISS and Glass Lewis, questioned the pay increases.
Both firms advised shareholders to reject the proposed salary increases for Talbot and Garvey given that the company was lowering certain performance targets linked to bonuses and share rewards.
Talbot’s base salary will now rise by 22% from €860,000 to €1.05m as part of a new three-year deal. Mark Garvey will see his salary increase from €505,620 per annum to €581,000 – a 15% pay rise.