Unilever facing investor backlash over CEO pay package - report
Consumer goods giant Unilever is reportedly facing an investor backlash over its new chief executive's multimillion pound pay package.
Unilever
09 April 2025 15:56:00
Source: Sharecast
According to Sky News, ISS - a leading proxy adviser - has recommended that shareholders vote against Unilever's remuneration report at its annual meeting later this month.
Sources familiar with ISS's report on Unilever's AGM resolutions told Sky the agency objects to the discount of just €50,000 that the Ben & Jerry's owner has applied to the base salary of Fernando Fernandez, compared to Hein Schumacher, his predecessor.
Unilever surprised the City in February when it announced Schumacher would leave after just two years in the job, amid frustration in its boardroom about the pace of growth.
In an accompanying statement, Unilever said that Fernandez, who was previously CFO, would be paid a basic salary of €1.8m, modestly lower than Schumacher's €1.85m.
In a summary of ISS's report, the proxy adviser said Fernandez's "base salary as new CEO is significant and represents a small discount to the former CEO Hein Schumacher's base salary".
"The company does not appear to have sufficiently accounted previously raised shareholder concerns on the CEO role's pay arrangement when setting Mr Fernandez's remuneration."