Diageo shareholders to vote on executive pay

Diageo is facing an investor revolt over “excessive” executive pay packages, according to shareholder advisory firm Manifest.

The investors will vote on Thursday on a remuneration report which recommends an £18.2 million retirement package for former chief executive Paul Walsh.

The report also recommends a basic salary of £1 million for Walsh’s replacement Ivan Menezes, who started in July and is eligible for share and performance bonuses that could take his annual pay above £9 million.

But data and analyst firm Manifest believes some investors will vote against the remuneration report, which it attacked for excessive levels of incentive pay and poor annual bonus target disclosures.

It also criticised the company’s “weak” performance targets.

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