LONDON, July 3 UK companies have made
"significant progress" in requiring executives to hold stock
awarded in bonus plans for longer, said Dominic Rossi, equities
chief investment officer at fund manager Fidelity Worldwide.
Nearly half of FTSE 100 firms now force executives
to hold stock in so-called Long-Term Incentive Plans (LTIPs) for
a minimum of between three and five years, up from 17 percent at
the start of 2013, he said.
Last year, Fidelity said it planned to vote against pay plan
resolutions at the annual general meeting of companies it
invests in if they had a LTIP plan of three years or less.
As a result, Rossi said Fidelity had voted against at least
1 proposal at 52 percent of AGMs so far in 2014, the first time
it had voted against a majority of boards.
(Reporting by Simon Jessop; editing by Steve Slater)