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UK – Michael Page shareholders angry over boardroom pay

21 May 2012

Shareholders in the recruitment firm Michael Page have voiced their anger over “excessive” boardroom pay, writes The Telegraph. This comes after the European Union's top regulatory official Michel Barnier said last week that shareholders should have the right to curb executive pay and set caps on executive bonuses, adding pressure on companies over big pay deals.

At the firm’s annual general meeting last week, approximately 17% of investors did not support the company’s pay report. The CEO Steve Ingham is known to have received a pay package worth almost £1.5 million last year although his company had seen a steep decrease in its share price in 2011.

The newspaper acknowledged that Mr Ingham’s salary last year actually decreased from 2010 (£1.79 million) due to a ”lower deferred annual bonus.”

The firm recently reported that the ongoing macroeconomic uncertainty was affecting its performance in the UK and analysts expect a -11% fall in pre-tax profits for the full year. Group gross profit in the first quarter of 2012 increased by almost +7% to £136.0 million. Mr Ingham recently told the Swiss newspaper Finanz und Wirtschaft that he was not expecting a “fantastic” year.

Michael Page International plc is a specialist recruitment consultancy, operating in Continental Europe, Middle East and Africa (EMEA), and the United Kingdom. It is the tenth largest staffing firm in the UK, according to Staffing Industry Analysts’ research, and clients include global multi-nationals as well as small and medium enterprises. The firm employs more than 5,350 people in over 161 offices and 33 countries worldwide.

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