Report
Expert Corporate Governance Service (ECGS)
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London Stock Exchange - AGM 01 May 2019

Leadership

Mr. David Schwimmer was appointed as CEO in August 2018. The current Chairman, Mr. Donald Brydon, will step down after the AGM. Mr. Don Robert who joined the Board as a Non-Executive Director in January 2019 will succeed Mr. Brydon as Chair.

 Item 3: Approve the Remuneration Report

The structure is unsatisfactory.  The bonus exceeds guidelines and the use of qualitative exceeds guidelines, which calls into question the alignment of pay with performance.  The LTI is overly reliant on EPS, which is not considered appropriate as it can potentially be influenced by executives.  Incentive payments to the new CEO during the year were excessive and an unacceptable recruitment award was made.  We recommend shareholders oppose.

Underlying
London Stock Exchange Group

London Stock Exchange Group is a global markets infrastructure business based in the United Kingdom. Co's operating segments include: Information Services, which provides a range of information and data products including indexes and benchmarks; Post Trade Services LCH, which provides clearing services through which counterparty risk is mitigated across multiple asset classes; Capital Markets, provides access to capital for domestic and international businesses and electronic platforms for secondary market trading of equities, bonds and derivatives; and Group Technology, which provides secure technologies to customers that require performance at high levels of availability and throughput.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

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