Unilever faces investor revolt over new chief’s pay bundle

Unilever, the FTSE-100 client items large behind Marmite and Lynx, is going through an investor backlash over its new chief government’s multimillion pound pay bundle.

Sky Information has learnt that ISS, a number one proxy adviser, has really helpful that shareholders vote in opposition to Unilever’s remuneration report at its annual assembly later this month.

Sources accustomed to ISS’s report on Unilever’s AGM resolutions say the company objects to the low cost of simply €50,000 that the Ben & Jerry’s proprietor has utilized to the bottom wage of Fernando Fernandez, in comparison with Hein Schumacher, his predecessor.

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In an accompanying assertion, Unilever mentioned Mr Fernandez – beforehand the chief monetary officer – can be paid a primary wage of €1.8m, modestly decrease than Mr Schumacher’s €1.85m.

In a abstract of ISS’s report, the proxy adviser mentioned Mr Fernandez’s “base wage as new CEO is critical and represents a small low cost to the previous CEO Hein Schumacher’s base wage”.

“The corporate doesn’t seem to have sufficiently accounted beforehand raised shareholder considerations on the CEO function’s pay association when setting Mr Fernandez’s remuneration.”

Unilever had additionally “disapplied time pro-rating” in respect of former government administrators’ long-term share awards, that means that the corporate may have legitimately determined to award them smaller quantities of inventory than it did.

On Wednesday afternoon, shares in Unilever have been buying and selling at round £44.79, giving the maker of Magnum ice cream and Persil washing-up liquid a valuation of near £115bn.

Unilever didn’t reply to a request for remark.