Gemfields braces for investor rebellion over bonus scheme and exec pay
Gemfields, a UK-headquartered coloured gemstone supplier and owner of Fabergé, is reportedly set to face backlash from its shareholders at its annual meeting later this week.
This is due to a lack of transparency over its bonus scheme as well as its executive pay plans, the Times reported.
This follows a slew of similar issues at other companies such as Morrisons and JD Sports where top executive payment schemes were allegedly opaque.
Gemfields even made move at the end of last year to improve its transparency in regards to these matters.
In a post on its website about a meeting that took place in December 2020, Gemfields wrote that it had previously issued a document designed “to provide shareholders in Gemfields with background information relating to remuneration paid to … two incumbent executive directors”.
The company claimed to have heard and addressed shareholder concerns at that time, with staff salaries reportedly cut and the executive director receiving no bonus, but if the Times is to be believed the issues are far from over.