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A revised RREV (equation 7) accounts for the static revenue losses (SRLS) caused by a 1 percentage point cut in the income tax MTR.
Shareholder group RREV ( which includes the National Association of Pension Funds and Pension and Investment Research Consultants ( had urged shareholders to reject the proposals.
"However, most interesting is that the threat to look closer at levels of pay has begun to be translated into some action - or, at least, into a number of Association of British Insurers (ABI) red-topped and ambertopped verdicts and some recommendations to vote against Remuneration Reports from Research Recommendations Electronic Voting (RREV).
RREV said issues have been thrown up by substantial changes to the board during the past 12 months, including a new CEO and CFO, as well as among non-executive directors.