What's happened
Shareholders approve doubling London Stock Exchange Group CEO's pay to \\u00a313m as fears grow over UK-listed firms potentially leaving the London market for lucrative deals abroad.
Why it matters
Shareholders voting to increase the CEO's pay while UK-listed firms consider exiting the London market could have significant implications for the UK's financial sector and stock market competitiveness. The trend of foreign takeovers of British companies raises concerns about the UK's economic strength and attractiveness to investors.
What the papers say
The Guardian reports that shareholders have approved doubling the London Stock Exchange Group CEO's pay, while The Independent highlights Unilever's decision to scale back its environmental and social aims. Sky News covers DS Smith's agreement to a \\u00a35.8bn takeover by US rival International Paper.
How we got here
The London Stock Exchange Group's CEO pay increase comes amid growing concerns about UK-listed firms potentially leaving the London market for more lucrative deals abroad. This trend is exemplified by Tyman, a UK manufacturing company, being bought by US rival Quanex, and DS Smith agreeing to a \\u00a35.8bn takeover by International Paper. Unilever's decision to scale back its environmental and social aims reflects a wider trend of shareholder pressure on companies to focus on cost-cutting and stock market performance.
Common question
More on these topics
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The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.
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The International Paper Company is an American pulp and paper company, the largest such company in the world. It has approximately 56,000 employees, and is headquartered in Memphis, Tennessee.
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DS Smith plc is a British multinational packaging business, headquartered in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.
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Unilever is a British-Dutch multinational consumer goods company, headquartered in London, United Kingdom and Rotterdam, The Netherlands.
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London Stock Exchange is a stock exchange in the City of London, England. As of April 2018, London Stock Exchange had a market capitalisation of US$4.59 trillion. It was founded in 1571, making it one of the oldest exchanges in the world.