ISS, the proxy voting service, has recommended investors take a stand against a revised chief executive’s pay deal at Irish convenience foods giant Greencore.
According to The Irish Times, ISS argued that a revised pay package for chief executive Patrick Coveney has not been matched by significantly revised performance aims.
The newspaper quotes ISS saying that the company’s remuneration deal, which would see long-term share bonuses double, was not accompanied by a “compelling rationale”. It is also said there was no parallel “stretch” in performance conditions, which has remained unchanged for some time.
A statement from Greencore reported by The Irish Times said that the purpose of changed executive pay packages was to improve alignment with the long-term aims of the company.