London Stock Exchange suffers shareholder revolt over CEO’s bumper pay day
The London Stock Exchange Group has suffered a huge shareholder revolt against its chief executive’s bumper pay packet.
More than 30 per cent of votes were cast against the group’s remuneration report which saw CEO David Schwimmer take home £7.8m for the group’s latest financial year, up from the £5.3m he was paid for 2023.
His remuneration was made up of £1.3m in salary, a rise from £1m, while his annual bonus doubled to £3m, according to the group’s annual report.
He also received £2.4m through the London Stock Exchange Group’s long-term incentive plan, up from £1.8m.
Schwimmer was awarded £734,000, which was linked to the growth in the group’s share price – a rise from £666,000 in 2023.
Schwimmer’s pay package has been increased despite the London Stock Exchange seeing a stream of high-profile delistings in 2024.
He was awarded 70 per cent of his maximum potential bonus opportunity which is set at 300 per cent his base salary.
Despite the large vote against the remuneration report, the resolution still passed at the group’s annual general meeting.
Shares in the London Stock Exchange Group started 2024 trading at 9,140p and ended the year at 11,285p.
In a statement, the London Stock Exchange Group said: “The company acknowledges that whilst a majority of shareholders voted in favour of resolution three (the directors’ remuneration report), the overall vote in favour was below 80 per cent.
“The board consulted with shareholders on this matter and will continue to engage with them and carefully consider any further shareholder feedback.
“We will publish an update on that engagement within six months of the annual general meeting, in accordance with the UK Corporate Governance Code.”