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Proxy advisers split on FedEx CEO Smith's pay

By Jessica DiNapoli NEW YORK (Reuters) - Proxy advisers Institutional Shareholder Services Inc (ISS) and Glass Lewis & Co gave diverging recommendations to investors on voting on...
Proxy advisers split on FedEx CEO Smith's pay © Reuters. FILE PHOTO: Fedex CEO Fred Smith is pictured at a business roundtable meeting of company leaders and U.S. Republican Presidential candidate Mitt Romney in Washington, June 13, 2012. REUTERS/Jason Reed/File Photo

By Jessica DiNapoli

NEW YORK (Reuters) - Proxy advisers Institutional Shareholder Services Inc (ISS) and Glass Lewis & Co gave diverging recommendations to investors on voting on FedEx Corp (NYSE:FDX) CEO Fred Smith's $54 million pay package, after a labor union challenged the plan.

The pay package for Smith, a billionaire, faces a challenge at FedEx's annual shareholder meeting later this month after labor union the International Brotherhood of Teamsters said the company's decision to cancel a bonus program while giving him an option award instead, only to then re-instate the bonus program, amounted to double-dipping.

ISS said in a report released on Sunday that "cautionary support" was warranted because Smith's awards have not led to a misalignment of pay and performance. Glass Lewis recommended last week that shareholders vote down the pay plan because it reflects a reversal in how the company initially structured executive compensation.

The shareholder vote on Sept. 27 is advisory and not binding on FedEx. The Memphis, Tennessee-based company did not immediately respond to a request for comment.

"People are grappling with how to assess the ad hoc adjustments and bonuses around COVID-19, and I think FedEx is an example of how not to do it and Glass Lewis's recommendation supports that," said Michael Pryce-Jones, senior corporate governance analyst at the Teamsters, who are bargaining on behalf of FedEx employees at a freight facility.

ISS said the re-instatement of the bonus raises some concern but that other awards to Smith have rigorous financial goals. FedEx's shares during its last fiscal year, ending at the end of May, more than doubled as the economy rebounded from the pandemic and more people shipped and received items.

Many U.S. companies adjusted the pay of executives during the coronavirus outbreak, easing performance targets and even giving them pay rises. Investors voted down a record number of CEO pay packages at their annual shareholder meetings earlier this year.

Most companies take investor opposition to CEO pay into consideration when drafting executive compensation arrangements. Some will tweak pay for executives also, as Walt Disney (NYSE:DIS) Co did for then-CEO Bob Iger in 2018.

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19-09-2021 17:52:36 (UTC+7)

EUR/USD

1.1724

-0.0040 (-0.34%)

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EUR/USD

1.1724

-0.0040 (-0.34%)

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Sell (12)

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Buy (0)

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GBP/USD

1.3736

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↑ Buy

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USD/JPY

110.00

+0.29 (+0.27%)

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Moving Avg:

Buy (6)

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Buy (2)

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AUD/USD

0.7267

-0.0022 (-0.30%)

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USD/CAD

1.2768

+0.0088 (+0.69%)

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EUR/JPY

128.97

-0.08 (-0.06%)

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Buy (2)

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EUR/CHF

1.0933

+0.0022 (+0.20%)

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Gold Futures

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Silver Futures

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4.2393

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US Coffee C Futures

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DAX

15,490.17

-161.58 (-1.03%)

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FTSE 100

6,963.64

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24,920.76

+252.91 (+1.03%)

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US Small Cap 2000

2,233.92

+1.01 (+0.04%)

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IBEX 35

8,760.90

+27.20 (+0.31%)

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BASF SE NA O.N.

63.085

-2.125 (-3.26%)

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Bayer AG NA

45.07

-0.57 (-1.25%)

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↑ Sell

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Allianz SE VNA O.N.

190.23

-2.24 (-1.16%)

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Adidas AG

281.60

-3.70 (-1.30%)

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Buy (0)

Sell (6)

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8.210

+0.209 (+2.61%)

Summary

Neutral

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-0.025 (-0.23%)

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Sell (8)

 EUR/USD1.1724↑ Sell
 GBP/USD1.3736↑ Buy
 USD/JPY110.00Sell
 AUD/USD0.7267↑ Sell
 USD/CAD1.2768Neutral
 EUR/JPY128.97↑ Sell
 EUR/CHF1.0933↑ Sell
 Gold1,753.95↑ Buy
 Silver22.358Sell
 Copper4.2393↑ Buy
 Crude Oil WTI71.97↑ Buy
 Brent Oil75.31↑ Buy
 Natural Gas5.061↑ Sell
 US Coffee C186.75Buy
 Euro Stoxx 504,130.84↑ Buy
 S&P 5004,432.99Neutral
 DAX15,490.17↑ Buy
 FTSE 1006,963.64↑ Buy
 Hang Seng24,920.76↑ Buy
 Small Cap 20002,233.92↑ Buy
 IBEX 358,760.90↑ Sell
 BASF63.085↑ Sell
 Bayer45.07↑ Sell
 Allianz190.23↑ Sell
 Adidas281.60↑ Sell
 Lufthansa8.210Neutral
 Siemens AG148.76↑ Sell
 Deutsche Bank AG11.080↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,600/ 5,665
(5,600/ 5,665) # 809
SJC HCM5,600/ 5,665
(0/ 0) # 830
SJC Hanoi5,600/ 5,667
(0/ 0) # 832
SJC Danang5,600/ 5,667
(0/ 0) # 832
SJC Nhatrang5,600/ 5,667
(0/ 0) # 832
SJC Cantho5,600/ 5,667
(0/ 0) # 832
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Cập nhật lúc 17:46:27 19/09/2021
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