Allianz Global Investors will vote against high executive pay

Allianz will scrutinise companies taking government aid, slashing jobs or cutting dividends
Allianz will scrutinise companies taking government aid, slashing jobs or cutting dividends
SEAN GALLUP/GETTY IMAGES

One of the biggest active investment houses is threatening to vote against generous pay packages awarded to bosses of companies taking government aid, slashing jobs or cutting dividends.

Allianz Global Investors, which has been hawkish on what it sees as excessive pay in the past, said that it had amended its proxy voting guidelines. Last year it voted against 49 per cent of all management pay proposals worldwide and against 12 per cent of pay proposals of UK-listed companies. It has been a critic of companies setting performance targets that are not robust.

It invests €582 billion on behalf of individuals, pension funds and policyholders of Allianz, its German parent. It employs 2,700 people, 300 in London.

It declined to say what it meant by