Safestore fails to listen, again


Ashley Hamilton Claxton, Head of Responsible Investment

17 March 2018

Following the high level of shareholder dissent against Safestore’s pay proposals in 2017, it is disappointing that the company failed to consider investor feedback before it finally granted the awards to the executive team. The total long term incentive plan (LTIP) equity award equalled 3.25% of the entire share capital of the company, with 1.6% going to the executives. The CEO’s award was 20 times his base salary.
We are voting against both the remuneration report and the four members of the Remuneration Committee. The structure and scale of the award, along with the poor response from the Remuneration Committee following last year’s vote, is enough to lead us to this conclusion.

Following the high level of shareholder dissent against Safestore’s pay proposals in 2017, it is disappointing that the company failed to consider investor feedback before it finally granted the awards to the executive team. The total long term incentive plan (LTIP) equity award equalled 3.25% of the entire share capital of the company, with 1.6% going to the executives. The CEO’s award was 20 times his base salary.

We are voting against both the remuneration report and the four members of the Remuneration Committee. The structure and scale of the award, along with the poor response from the Remuneration Committee following last year’s vote, is enough to lead us to this conclusion.

Past performance is no guide to the future. The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not get back the amount originally invested. The views expressed are the author’s own and do not constitute investment advice.