Neville is responsible for RI policy and research and leads on global corporate governance proxy voting and engagement with business around environmental, social and governance issues. He previously managed socially responsible investment for a number of church and charity investment managers.
2022 has seen a strong bounce back in bonus culture after overall remuneration quantum stalled in 2020-21, much of which we find unjustifiable in the midst of an economic downturn. For the first year since we began consistent voting on executive pay, EdenTree has been unable to support any FTSE100 remuneration policies or reports, opposing all those that have come before us. In addition we continue to see a disagreeable trend towards Restrictive Share Plans that have no performance metrics attached, on grounds of poor visibility around economic metrics going forward. Unfortunately we have also seen individual examples of Remuneration Committee discretion being applied to change or manipulate performance metrics in order to pay out. At a time of increasing economic hardship, this somewhat ‘tin-eared’ response by executives to their own rewards sets a particularly poor example.5 January 2023