weir group

Oil & Gas

North America boost for Weir


Scottish engineer Weir Group said yesterday its half-year profits were up after a “great set of results” from its oil and gas division in North America.


Gallery: Shareholder revolts over executive pay


OK, so there were not a huge number of shareholder revolts over directors’ pay this year. There rarely are, especially if you are limiting yourself to one sector. But one group of shareholders caused a real shock when they took exception to a planned pay rise for an oil major’s chief executive.

Oil & Gas

Weir forced into U-turn on directors’ pay after shareholder backlash


Struggling Scottish engineering firm Weir Group was forced to do a U-turn over directors' pay following a shareholders’ revolt at yesterday’s annual general meeting. In a resounding defeat, the company’s executive remuneration policy was voted down by 73% of shareholders, despite chief executive Keith Cochrane taking a pay cut of more than a quarter, leaving him with just over £1milllion. Their objection was linked to the proposed introduction of share options for executives which will pay out regardless of the company's performance, a rarity in UK boardrooms.