November 6, 2018 / 3:36 PM / 15 days ago

Adviser tells investors to oppose CEO pay reports at Hays, Smiths Group

Nov 6 (Reuters) - Proxy voting adviser Pensions & Investment Research Consultants Limited (PIRC) has recommended shareholders reject the management remuneration reports for both Hays Plc and Smiths Group Plc, saying pay and bonuses for both firms chief executives were excessive.

PIRC, which advises pension schemes and other investors, also recommended that investors should vote against the re-electing Hays Chairman Andrew Martin to the board, citing a missed board meeting.

The adviser also recommended against the re-appointment of PwC as auditors of recruiting firm Hays and Smiths, which manufactures a range of diversified industrial equipment and products, raising “serious concerns” about the independence of the auditor. (Reporting by Noor Zainab Hussain in Bengaluru)

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