A US institutional investor has joined activist fund Bell Rock’s campaign to give the Whitehaven board a black eye at Thursday’s AGM.
. Bell Rock will reject Whitehaven’s executive pay scheme at the meeting and hopes to convince other investors to direct their proxies against the board’s recommendation.
The remuneration of Whitehaven CEO Paul Flynn is being targeted by activist investors ahead of Thursday’s AGM.The Florida State Board of Administration also lashed out against two aspects of Whitehaven’s remuneration, the executive pay scheme, and an equity grant worth almost $3.
Concerns about the remuneration policy at Whitehaven include a change last year when the miner combined its traditional short and long-term incentives into a “single incentive plan”. This removed “relative total shareholder return” as a deciding factor for executive bonuses., FSBA said substantial increases to the fixed remuneration of executives and the board fees of non-executive directors were well above average wage growth in Australia, and remuneration exceeded peers.
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