THE owner of the London Stock Exchange is facing shareholder dissent after a key proxy advisor opposed plans to double its chief's pay amid a debate over how the Square Mile can compete with US-style remuneration deals.

The London Stock Exchange Group plans to boost its chief executive

David Schwimmer's pay to a reported £13.2m from £6.3m, citing its diversification into a global financial markets infrastructure and data services firm under his leadership.

The firm said in its latest annual report that changes to its remuneration policy would "enable LSEG to secure the calibre of talent and new skill sets required for LSEG's continued transformation in a highly competitive global market".

However, proxy advisor Glass Lewis has urged shareholders to vote against LSEG's plans for Schwimmer's pay at its annual general meeting on 25 April, The Sunday Times reported.

Glass Lewis said that although LSEG now has more exposure to the US market, its chief "is currently UK-based, and in a UK context, his remuneration is already significant".

(c) 2024 City A.M., source Newspaper