Ninth wage protest targets shipping broker Clarkson
In another year, another huge shareholders' revolt is shaking up London-based ship broker Clarkson over executive compensation. This time, it's been the most intense rebellion so far this year.
A whopping 47% of investors opposed a pay plan that gave the boss, Andi Case, a staggering £12.6 million paycheck. Not only that, but 37% of shareholders also voted against the re-election of pay committee chairman Tim Miller.
This marks the ninth consecutive year that Clarkson has faced a pay revolt. The latest controversy comes after the company warned that profits might take a hit due to the ongoing global trade war, which could negatively affect shipping rates in dollar terms.
Choppy Seas Ahead
With the announcement that profits could be £9.5 million lower once converted to sterling, the company's shares dropped to their lowest level in over a year.
Andi Case, who's been running Clarkson since 2008, took home an £11.1 million bonus last year, following a 6% increase in profits to £115 million. The year before, he was paid £11.6 million.
Critics have argued that reaching the performance targets set for Case allows him to hit the big bucks.
The revelation was presented during the company's annual general meeting, which was exclusively online this year. Clarkson acknowledged the votes on both the pay report and Miller's re-election.
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[1] "Clarksons Set for Eighth Pay Revolt as Boss Takes £11.1m Bonus," The Telegraph, 4 March 2025.[2] "City Bosses Paid Average Annual Salary in First Three Days," The Independent, 5 April 2021.[3] "How This is Money Can Help," This is Money, Accessed 9 May 2025.[4] "Global Trade War Takes Toll on Clarkson, Shareholders Rebel Against Pay Plan," Financial Times, 3 May 2025.
- Critics argue that Andi Case, running Clarkson since 2008, receives substantial pay due to the performance targets set for him, which amounts to a potential financial jackpot.
- The ongoing global trade war could negatively impact shipping rates in dollar terms, according to Clarkson's announcement, potentially impacting the company's profits once converted to sterling.
- Clarkson's shares dropped to their lowest level in over a year following the announcement that profits could be £9.5 million lower once converted to sterling.
- If you're interested in investing in the stock market, platforms such as AJ Bell, Hargreaves Lansdown, interactive investor, InvestEngine, and Trading 212 offer tools to help you start your journey towards financial freedom.
- Despite facing the ninth consecutive year of a pay revolt, Clarkson acknowledged the votes on both the pay report and the re-election of pay committee chairman Tim Miller during their annual general meeting, which was conducted exclusively online this year.
