STANDARD CHARTERED PLC
London Stock Exchange: STAN                                         Meeting Date: 5/08/2014

Following a contentious AGM for Barclays that saw one major institutional investor publicly voice their concerns regarding executive pay, Standard Chartered is the next UK bank to hold its annual meeting. In terms of remuneration, the Company took a different approach to Barclays for its 2013 payouts, reducing its incentive pool to reflect mixed results, with executive awards subject to higher than average reductions to reflect their leadership role. Looking forward the Company is, in common with other UK banks, introducing fixed share awards and seeking shareholder approval of a 2:1 maximum ratio between variable and fixed pay in response to the introduction of the European Union’s CRD IV regulations. However, the Company has taken a different approach from its peers, which have maintained an overall balance of short- and long-term awards but reduced opportunities for both components. By contrast, the Company is proposing to drastically reduce the proportion of incentives that reflect long-term performance, with a relatively limited portion of short-term awards subject to extended deferral, in an apparent attempt to maintain as much of the “expected value” of awards as possible. Shareholders are likely to find the remuneration committee’s discretionary reductions to the 2013 bonus pool more palatable than Barclays’ “one-off” increase in payouts; however in respect of the policy going forward, they will have to assess whether the revised incentive structure provides sufficient emphasis on long-term performance given that just over a quarter of awards will reflect performance assessment over more than one year.

CANADIAN PACIFIC
Toronto Stock Exchange:  CP                                   Meeting Date 5/01/2014

GOLDCORP
Toronto Stock Exchange:  G                                   Meeting Date 5/01/2014

DUKE ENERGY  (see Proxy Season Insider here)
NYSE:  DUK                                                     Meeting Date 5/01/2014

ROLLS-ROYCE HOLDINGS PLC (see Proxy Season Insider here)
London Stock Exchange:  RR                                                     Meeting Date 5/01/2014

OCCIDENTAL PETROLEUM (see Proxy Season Insider here)
NYSE:  OXY                                                     Meeting Date 5/02/2014

UBS AG
SIX Swiss Exchange:  UBSN                                         Meeting Date 5/07/2014

AGRIUM INC.
Toronto Stock Exchange:  TLM                                   Meeting Date 5/07/2014

FORD MOTORS
NYSE:  F                                                     Meeting Date 5/08/2014