Financial Times - May 21

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Headlines

Shell faces investor pushback on gas strategy

- Thames Water freezes executives' 'retention payments' after backlash

Deloitte will cut UK bonuses and pay increases, as well as promotions

In a memo to Reeves, Rayner suggested large tax increases

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Shell shareholders are questioning the strategy of becoming the largest supplier and trader in gas and LNG around. They ask whether this makes economic sense or is it a good idea from a climate change perspective.

After a backlash by the Labour government, Thames Water in Britain has agreed to suspend executive retention payments. These payments were part of an emergency loan for 3 billion pounds (4.03 billion dollars).

Richard Houston, Deloitte UK's chief executive, sent an email to its employees on Tuesday informing them that the accounting firm will reduce the number of promotions, lower the average salary increase, and reduce bonuses for the consulting division.

In a memo to British Finance Minister Rachel Reeves, Britain's Deputy Premier Angela Rayner suggested eight possible tax increases. These included reinstating the lifetime pension allowance and increasing the corporation tax rate on banks.

(source: Reuters)