A UK shareholder consultancy has recommended that shareholders oppose large payments made to outgoing and incoming heads of Amvescap.

A week ahead of the global fund manager's annual shareholders' meeting, Pension Investment Research Consultants, in a weekly bulletin, criticized the decision to hand outgoing chairman Charles Brady and new chief Martin Flanagan a combined total of over $20 million plus shares. According to Reuters, the organization stated that Flanagan's four-year contract is too long, and recommended shareholders oppose both his election to the firm's board and the remuneration report.

Amvescap is recovering from regulatory complaints that resulted in a $450 million settlement in 2004, and fund outflows last year. Its annual meeting will be held April 27.  

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