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Investors should oppose pay at StanChart, RBS, Deutsche Bank: PIRC
[LONDON] A leading proxy voting firm has advised shareholders to reject pay at three of Europe's banks when they host their annual general meetings in the coming days.
Pensions & Investment Research Consultants, which advises institutional shareholders, said it backed 'oppose' votes at Asia-focused Standard Chartered, British lender Royal Bank of Scotland and Deutsche Bank.
At StanChart, it rejected both the pay report for 2015 as well as the planned pay and perks policy for the next three years, which is put to a binding vote and needs just a simple majority of votes cast to be overturned.
At RBS, it advised shareholders to reject the report for 2015, while at Deutsche Bank it backed an 'oppose' vote for the remuneration policy for the executive board.
StanChart and RBS hold their AGMs on May 4, while Deutsche Bank's is on May 19.