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Page 2 - ABP puts BNP Paribas, BMW and Total under engagement pressure
On corporate governance, it revealed that it had voted against the reappointment of management in 8.1% of cases at just under 5,000 shareholder meetings and warned corporations it would take a hard line on pay not linked to performance: “If companies perform worse than their direct competitors but nevertheless remunerate their senior executives more generously, ABP will vote against.”
The fund also gave further insight into the $340.1m settlement made by Shell, the Anglo-Dutch oil company, to institutional shareholders in 2007 over its restatement of proven oil and gas reserves. ABP said it would receive between $4-10m under the settlement and noted that Shell had also agreed to make $12.5m available to private investors to participate in the compensation scheme.
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