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Investors back StanChart pay
STANDARD Chartered headed off a shareholder revolt over director pay yesterday despite criticism from advisory group Pirc.
Only 7.4 per cent of shareholders voted against the bank’s remuneration report even though Pirc said last week that the award for the head of the investment bank, Mike Rees, was too high. Standard Chartered notched up a ninth consecutive year of record earnings in 2011.
Later in the day Unilever also came through its shareholder meeting with just 6.12 per cent of votes cast against the pay report.