Clarksons shareholders vote Thursday on CEO Andi Case's pay policy, which reports say has paid him £67m over the past decade, as critics and proxy advisers ISS and PIRC oppose the targets as too easy.
ISS criticised the board and held pay committee chairman Tim Miller responsible for remuneration issues. Case's pay, seven times the peer average, is among the highest for a London-listed CEO, according to ISS. His pay fell to £8.7 million last year from £12.4 million after profits dropped amid tariff uncertainty, yet remained above the FTSE 100 average. Nearly half of shareholders opposed last year's pay report. Clarksons defends its model, with Miller noting it aligns with shipbroking practice and has served shareholders well. The specific bonus targets remain undisclosed. Shares rose after Iran-related disruptions boosted shipping rates, though the profit impact was unclear. Clarksons was an early adopter of online-only AGMs, a format recently blocked at BP.
Similar pay rows have flared at Pearson and WPP. Pearson CEO Omar Abbosh's package could hit £12.8m, up 45% from last year's £8.9m, drawing 24.4% opposition and 'excessive' labels from ISS and Glass Lewis. WPP's new CEO Cindy Rose could earn £11m, but ISS and Glass Lewis urge shareholders to reject, amid a 20% share price fall this year.