On February 12, 2017 the Financial Times reported that Pensions & Investment Research Consultants Ltd (PIRC), the UK independent corporate governance and shareholder advisory, has advised shareholders to vote against the executive pay package at US fund company Franklin Templeton. PIRC labels executive compensation at Franklin Templeton “excessive.” In a report, PIRC also recommends that shareholders vote against a total of four proposed board members and highlights concerns about the audit function.
Conversely, US proxy advisor ISS recommends that shareholders vote for management proposals at Franklin Templeton’s annual meeting on February 15, 2017.
According to the article, “(i)n the financial year to the end of September, revenues at Franklin dropped 16.7 per cent to $6.4bn, while operating income fell 21.8 per cent compared with 2015.”
Franklin Templeton has “over 20 years of specialized emerging markets investment experience.” according to its website.
Registered users may read the article on the Financial Times internet site.