Shareholder advisory group ISS has urged shareholders to vote down plans to give $1.9 million of long-term incentive shares to former QBE boss Frank O’Halloran, who left the company last year after 14 years as its chief.
ISS says it’s concerned by the “weak” earnings per share hurdles QBE would have to reach for O’Halloran to be able to cash his shares in.
ISS also queried the value of O’Halloran’s final package, saying that while QBE reported he was to receive $US7.4 million, he could end up with a payout worth closer to $10 million.
ABOUT THE AUTHOR
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
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