An agency which advises institutional shareholders is proposing what it calls 'say on pay' resolutions at five major companies listed on the Irish Stock Exchange.
Manifest says it will propose a resolution calling for a vote on the report on directors' pay at each of the five companies at their next available AGM. The five it names are Bank of Ireland, DCC, Elan, C&C and Independent News & Media.
The organisation claims it has noted a 'marked lack of progress' in Irish corporate governance arrangements.
'In light of the considerable sums of Irish government money being used to support the Bank of Ireland, it believes that is particularly important for the democratic process to do all it can to protect shareholders interests,' Manifest says.
The organisation says not a single Irish incorporated company has voluntarily proposed a resolution giving shareholders a say on the remuneration report, which sets out how much directors should be paid.
It says such resolutions are common in the Netherlands and Sweden, and are standard items of AGM business in the UK and Australia.
'A voluntary say on pay offers a measured and shareholder-focussed approach to the issue
of executive pay,' Manifest says. 'The alternative would be less welcome with draconian measures such as those being discussed by politicians on both sides of the Atlantic - including salary limits,' it adds.
Manifest CEO Sarah Wilson says companies should have nothing to fear from such resolutions. The organisation also says it is not picking on any company or director or saying that pay at any Irish company is excessive.
