A shareholder advisory firm has raised questions about recruitment company Cpl Resources awarding a pay increase of more than 25% to its CEO Anne Heraty without ‘providing a sufficient justification for investors’ in the firm’s annual report, reports The Irish Times. Institutional Shareholder Services (ISS), a proxy advisory firm that makes recommendations to major investment firms on how to vote at shareholder meetings of public limited companies, said CPL’s recently-published annual report, which disclosed a hike in Heraty’s salary to €575,000 for the year through June, “does not give a specific explanation regarding the increase”. The salary increase is believed to comprise a 2% pay rise, with the rest linked to performance bonuses. Institutional shareholders have become more active in relation to “say on pay” resolutions at Annual General Meetings in recent years internationally. However, as CPL is listed on AIM, it does not have to put its salaries before shareholders for a vote. Heraty was contacted by SIA for comment but has not responded at the time of publication. In September Cpl reported revenue for the full year ended 10 September 2019 €564.8 million, an increase of 8% compared to last year.