ABI steps into Lloyds Bank remuneration saga
The powerful Association of British Insurers (ABI) has today stepped into the Lloyds Bank remuneration saga calling on shareholders to reject the £2.3 million offer placed before chief executive Sir Eric Daniels. Even though said Eric Daniels waived his right to the massive bonus, after the group reported a £6.3 billion loss for 2009, there is concern that the remuneration board even suggested the payment of such a massive bonus.
While many investors on the streets may be unaware of the ABI, this is perhaps one of the strongest and most influential investment groups in the city, effectively the mouthpiece of insurance companies who invest billions upon billions of pounds into the UK stock market. A call to arms from the ABI will be respected by insurance companies and many other investors and we could see a battle later this year when the Lloyds remuneration report is put before shareholders.
The ABI is no one hit wonder, no voice in the darkness and can and has influenced shareholder votes many times in the past and will do many times in the future. It would come as no surprise to see Lloyds Bank sitting around the negotiating table with the ABI to try and arrive at a situation which is agreeable to both parties and which would hopefully see the remuneration report waved through at the forthcoming AGM.
Share this..
Related stories
Conservative Party promises to repay Asil Nadir donations
The Conservative Party, in an attempt to prove it is whiter than white, has this weekend promised to repay £440,000 of donations from Asil Nadir if the former Polly Peck chief is found guilty of fraud. This comes amid yet more rumours that the fugitive entrepreneur, who returned to the UK to face charges from many years ago, has already done a deal with the UK government which will see him serve...
Read MoreTesco staff share record payout from company share scheme
It is believed that more than 55,000 Tesco workers will be sharing a £144.4 million windfall as two of the company's employee share schemes reach maturity. In simple terms, every pound invested has now doubled in value due to the strength of the Tesco share price over the last five years. It is understood that approaching 10,000 employees saved the maximum £50 a month over the last five years un...
Read MoreNew anti-Pump and Dump software developed
"Pump and dump" scams, through which fraudsters use email campaigns to falsely inflate the prices of certain shares, are to be cracked down on through special software.The technology has been developed at Verisign, and allows stockbrokers to track unusual trading patterns, the BBC reports.Pump and dump works through a con artist sending out a mail shot, hyping a certain share - of which he or she...
Read MoreGeneral Motors set to step back into GM Europe saga
The ongoing row between the UK government, German authorities and other investors in the GM Europe operation looks set to spill over into next week and beyond and is apparently putting the acquisition by Magna group at risk. This is a situation which has now been ongoing for a couple of months but one which many believed had been resolved more than four weeks ago.
Today General Moto...
Investors back BSkyB directors
A number of prominent investors in BSkyB have stepped forward with their support for the BSkyB board of directors who recently turned down an indicative takeover offer from Rupert Murdoch's News Corporation. It is believed that a potential offer in the region of seven pound a share, valuing the company at £12.6 billion, was suggested although many in the city believe a minimum price should be in...
Read More