London Stock Exchange Group shareholders back plans that could double boss’s pay

The boss of the London Stock Exchange Group is set for a possible bumper pay hike after investors approved plans that could see him take home more than £13 million in salary and bonuses.

David Schwimmer’s maximum pay could more than double after 89% of investor votes at the group’s annual general meeting (AGM) were made in favour of the remuneration package, though 11% voted against and a further 82,082 votes were withheld.

The plans increase his maximum possible pay and bonuses to over £13 million, from £6.25 million.

It comes as the London Stock Exchange (LSE) is under pressure amid an exodus of firms, with FTSE 100 listed mining giant Anglo American having received a £31 billion approach from Australia’s BHP Billiton in a move that would see it disappear from the London market.

The potential deal follows after packaging group DS Smith agreed to a buyout by a US rival, while Unilever said it was considering “all options” for a possible flotation of its ice-cream business and raised concerns that London could miss out.

Influential shareholders advisory group Pirc had recommended investors vote against Mr Schwimmer’s pay plans ahead of the meeting.

They said in a recent note that Mr Schwimmer’s pay was already “in the upper quartile of a peer comparator group”.

“This raises concerns over potential excessiveness of the variable incentive schemes currently in operation, as the base salary determines the overall quantum of the remuneration structure.”