CITY WHISPERS: Mutiny at the bounty of FTSE 250 shipbroker Clarkson's pay policy

By FRANCESCA WASHTELL, FINANCIAL MAIL ON SUNDAY

Updated:

If one shareholder rebellion is bruising, a second could be called painful… but what about a seventh?

Clarkson, the FTSE 250 shipbroker, now has the dubious honour of having clocked up a revolt at every annual meeting since 2017.

Almost 44 per cent of votes cast at this year's event went against its pay scheme for last year, and the same percentage rebelled against its pay policy – or what conditions it attaches to earnings – over the next few years.

Making waves: Clarkson now has the dubious honour of having clocked up a revolt at every annual meeting since 2017

Making waves: Clarkson now has the dubious honour of having clocked up a revolt at every annual meeting since 2017

Clarkson's boss Andi Case can't feel too hard done by – he did take home more than £10 million.

The company, which says it is engaging with shareholders over pay arrangements, is far from the only firm to experience pushback this year. Ocado and Plus500 have also been in the firing line.

And get your popcorn ready: there are still a slew of annual meetings for big-name firms to come.

L&G AGM set to be Sir Nigel Wilson's swansong

Legal & General will host what will almost certainly be Sir Nigel Wilson's swansong annual meeting on Thursday. 

The chief executive, 66, said in January he would retire from the fund management titan – but could stick around until a replacement was found. 

But Wilson may also face a backlash, with proxy adviser Pirc urging a vote against L&G's pay scheme. 

He earned £4 million last year and has been paid £41 million since taking the helm in 2012. 

However it goes, at least he's set up for a comfortable retirement. 

What connects Erin Brockovich film with Yorkshire-based engineering firm?

Chemicals buffs may know the answer is hexavalent chromium.

It was at the centre of the case led by the real-life Erin Brockovich to compensate locals in the Californian town of Hinkley subjected to high levels of the carcinogenic compound in the groundwater.

Langver, whose website says it has just 26 staff, has developed an alternative coating for the ratchet tensioners used by the transport and logistics sector.

This is a niche product, admittedly, but Langver is getting in ahead of a hexavalent chromium ban in the UK and EU that comes into force in 2024.

Three cheers to British engineering punching above its weight.

Takeover fever takes a knock 

Takeover fever took a knock last week when deadlines were extended for bids for Dechra Pharmaceuticals and Network International.

And on Friday it was announced that private equity group Apollo and Matt Moulding's online beauty group THG had abandoned deal talks.

The Dechra and Network International deals could go through, but the decisions being pushed back took some fizzle out of a dramatic few weeks that saw a flurry of swoops on London-listed firms.

All eyes will be on Wood Group on Wednesday, as Apollo has until then to work out with the company whether a £1.7 billion offer could proceed.

As the fifth move Apollo has made on Wood Group, it is certainly keen.

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