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London Stock Exchange Group backs CEO's 25% pay hike

Reuters
Updated ·1 min read
FILE PHOTO: CEO of London Stock Exchange Group David Schwimmer speaks during an event to launch the private finance agenda for the 2020 United Nations Climate Change Conference (COP26) at Guildhall in London

LONDON (Reuters) - The London Stock Exchange Group confirmed a 25% pay increase for its CEO David Schwimmer on Monday, saying most shareholders backed the package to reflect the exchange's $27 billion takeover of data and analytics company Refinitiv.

Shareholders at the annual meeting in April voted by 76.5% in favour of the pay package, but given that 23% had rejected the pay increase, the board had said it would consult further with shareholders.

"These engagements confirmed that the large majority of shareholders continue to support the decision and recommendations of the Remuneration Committee as the Group becomes a significantly larger and global business," LSEG said in a statement on Monday.

Refinitiv was carved out from Thomson Reuters, parent of Reuters News, in 2018 by a consortium led by Blackstone before being bought by LSEG in a deal finalised in January 2021.

Thomson Reuters now holds a minority stake in LSEG and Refinitiv pays Thomson Reuters for news it distributes.

(Reporting by Huw Jones; Editing by Rachel Armstrong)