Pension savers are being urged by responsible investment charity ShareAction to call on their pension funds to vote against Helge Lund’s, the incoming chief executive of oil and gas producer BG, pay package.
The energy firm has offered Lund a £25 million pay deal, consisting of a £13 million remuneration package and shares worth £12 million. The company is seeking approval for the arrangement, which has been labelled as “inflammatory and excessive” by Simon Walker, director general of the Institute of Directors.
ShareAction has now set up a tool for member of the public to email their pension funds asking them to clarify their position on the vote. The organisation is encouraging people to suggest that they vote against the deal.
Catherine Howarth, chief executive of ShareAction, said, “BG group directors very likely met privately with major investors to ask them if they would stomach this pay package, and came away thinking they’d get away with it.
“Those investors are investing our pension savings and ISAs. It’s encouraging to hear some very large asset managers signalling they will oppose this vote, but many pension funds and asset managers are keeping quiet.”
She continued that many pension savers are keen to hear where those investor stand and to understand how their money is being invested. The email tool aims to make it easier for pension savers to hold investors accountable and get the answers they want.
“At the end of the day it’s our money in these investment and pensions funds, and that makes it our business,” Howarth added.
Photo: Images_of_Money via Flickr