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| WH Smith warned over executive pension awards | WH Smith warned over executive pension awards |
| (about 1 hour later) | |
| WH Smith has been warned by investors over the salary package of its new chief executive, Carl Cowling. | WH Smith has been warned by investors over the salary package of its new chief executive, Carl Cowling. |
| The top boss of the UK stationer is being paid a pension contribution worth 12.5% of his salary. | The top boss of the UK stationer is being paid a pension contribution worth 12.5% of his salary. |
| The Investment Association has issued its strongest-possible objection to the payment, because it says it is not in line with that of the average worker. | |
| The company says in its annual report that Mr Cowling does not earn as much as his predecessor. | The company says in its annual report that Mr Cowling does not earn as much as his predecessor. |
| Stephen Clarke, the company's ex-CEO previously received twice the pension contribution award but since then the company has reduced what it gives its executives. | Stephen Clarke, the company's ex-CEO previously received twice the pension contribution award but since then the company has reduced what it gives its executives. |
| Mr Cowling will make £525,000 this year with an annual bonus of up to 160% of his salary, plus his pension awards. | Mr Cowling will make £525,000 this year with an annual bonus of up to 160% of his salary, plus his pension awards. |
| All executives at WH Smith are eligible for the company's defined contribution pension plan - or receive a salary supplement in lieu - but its other workers do not enjoy the same perks. | All executives at WH Smith are eligible for the company's defined contribution pension plan - or receive a salary supplement in lieu - but its other workers do not enjoy the same perks. |
| There is a pension scheme for its UK employees but the company has not disclosed what the average contribution is. | There is a pension scheme for its UK employees but the company has not disclosed what the average contribution is. |
| HMRC has recently raised the minimum employer contribution for UK company pensions to 3% of an employee's salary - with another 5% to contributed by employees themselves. | HMRC has recently raised the minimum employer contribution for UK company pensions to 3% of an employee's salary - with another 5% to contributed by employees themselves. |
| WH Smith employs just over 14,000 people but under half have signed up to its pension scheme. | WH Smith employs just over 14,000 people but under half have signed up to its pension scheme. |
| The warning notice that WH Smith has earned over its executive pension awards has come because of feedback that the Investment Association received from the company's big shareholders. | The warning notice that WH Smith has earned over its executive pension awards has come because of feedback that the Investment Association received from the company's big shareholders. |
| News of the Investment Association's alert was first reported by Sky. | News of the Investment Association's alert was first reported by Sky. |
| Recently the Investors Association, which represents the shareholders of public companies, has become more vocal about excessive executive pay. | Recently the Investors Association, which represents the shareholders of public companies, has become more vocal about excessive executive pay. |
| In a statement about the association's new approach, director Andrew Ninian said: "Providing directors the same pension contributions as the rest of the workforce is fundamentally an issue of fairness." | In a statement about the association's new approach, director Andrew Ninian said: "Providing directors the same pension contributions as the rest of the workforce is fundamentally an issue of fairness." |
| WH Smith's annual meeting will be on January 22 and matters such as executive pay will be up for a vote. | WH Smith's annual meeting will be on January 22 and matters such as executive pay will be up for a vote. |
| However, it would be rare for an investor to introduce their own motion for a vote. WH Smith will decide the schedule and then investors will vote on the measures. | However, it would be rare for an investor to introduce their own motion for a vote. WH Smith will decide the schedule and then investors will vote on the measures. |