London Stock Exchange Group faces investor revolt over CEO’s pay
The London Stock Exchange Group (LSEG) is facing a backlash from investors after deciding to hike its chief executive’s salary by more than £200,000.
Some of the company’s biggest investors plan to vote against its remuneration report when it holds its annual meeting later this month, Sky News first reported.
The anger centres on the LSEG’s decision to hand chief executive David Schwimmer a 25 per cent pay rise following the group’s takeover of market data company Refinitiv, which made it a “significantly larger, more international and complex business.”
According to Sky, it was unclear which institutional investors would oppose the remuneration report, but that it would likely comprise “a substantial minority” of shareholders.
City PM has contacted the LSEG for comment.
Schwimmer was paid a total of £6.9m last year, up from £2.5m in 2019.
Shares in the LSEG tumbled earlier this month after the company revealed its $27bn mega-merger with Refinitiv will cost more than expected and lead to job cuts.
The blockbuster deal, which was given the green light by EU regulators in January, gives the bourse a significant footing in the information market and creates a new rival to Bloomberg.