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Smith & Nephew investors urged to oppose ‘excessive’ pay rise for boss

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Smith & Nephew investors urged to oppose ‘excessive’ pay rise for boss

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Smith & Nephew shareholders have been urged to vote against an “excessive” pay rise of almost 30 per cent for the US-based boss of the FTSE 100 industrial group, the latest salvo in the battle by international companies listed in London to boost executive pay.

Under Smith & Nephew’s proposals, Texas-based chief executive Deepak Nath would be paid up to $11.79mn next year if all targets were met, a 28.9 per cent increase on his current maximum package of $9.15mn. The rise is part of a new executive pay policy that the company, which has had four CEOs in five years, has asked investors to back in an effort to reduce turnover in its top ranks.

Institutional Shareholder Services, a proxy adviser, has recommended shareholders reject the plan at next month’s annual meeting, calling it “excessive”.

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In an unusual move, Smith & Nephew is seeking to increase the pay of Nath but not its finance boss, who works from the UK, reflecting higher pay packages on offer from American rivals. The company employs 18,000 people in about 100 countries.

ISS said it had “material concerns” about both the size of the increase and the structure of the new policy, which would hand US-based executives more shares in the company, irrespective of their performance. ISS added that “the argument for some adjustments for US-based executives has been strongly made by the company and is understood, and some changes could be justified”.

Meanwhile, Glass Lewis, another large proxy adviser, backed the remuneration policy despite “reservations”. Smith & Nephew had given a “compelling rationale” for paying more to its US-based leaders, Glass Lewis said.

The split in approach between the proxies underlines the differing views in the UK market over the need for international businesses to pay top executives more to compete with US-based rivals.

Companies including the London Stock Exchange Group and AstraZeneca are proposing pay increases for their bosses against a backdrop of concerns about the UK’s international competitiveness. Several companies with large North American operations, including betting group Flutter and building materials group CRH, have decided to quit the FTSE 100 for a primary listing in the US.

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LSEG is preparing for a showdown with shareholders at its annual meeting later this month over a pay package for its chief executive David Schwimmer that is benchmarked against big US data groups such as S&P Global, rather than UK businesses.

The group is seeking shareholder approval to raise his pay to about
£11mn from £6.25mn, an increase of 76 per cent. Here too, ISS and Glass Lewis differ in their advice.

ISS is recommending that investors vote in favour of LSEG’s policy. But Glass Lewis believes “the increase is excessive”. It said that while it recognises the LSEG’s “global footprint and associated pay concerns”, the company has not “sufficiently rationalised an un-phased increase of this magnitude”.

In its annual report, Smith & Nephew said it had engaged on its executive remuneration proposals with 52 shareholders comprising two-thirds of its share capital and had received “support and positive feedback from the majority”.

The company declined to comment on ISS’s advice.

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Smith & Nephew chair Rupert Soames told the Financial Times last month that the UK’s “current position on pay is not actually sustainable”.

The company’s proposal “is a sensible and pragmatic way of handling an issue where companies listed in London need to be able to recruit talent from markets around the world and those markets have different practices”, said Soames, who is also president of the CBI business lobby group in the UK.

Former chief executive Namal Nawana quit in 2019 after 18 months in the job because the company would not meet his pay demands.

Nath was paid $4.7mn in the last financial year, well below the maximum allocation. The proposed package includes a new restricted share plan worth 125 per cent of salary, vesting over three years. His maximum award under the company’s long-term incentive plan, which is linked to performance, would rise from 275 per cent to 300 per cent of base pay.

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

The justices of the U.S. Supreme Court, with Justice Sonia Sotomayor (seated left) and Justice Samuel Alito (seated second from right).

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As the Supreme Court heads into the announcement of its final and hugely important opinions next week, there are reverberations from this week’s announcements, and Justice Samuel Alito’s public rebuke of his colleague Justice Sonia Sotomayor.

On Thursday, Justice Alito summarized from the bench three very big opinions he authored for the court’s six justice conservative majority. Alito, unlike most of his colleagues, doesn’t spend much time on these summaries. And it is rare that a justice has three big opinions to announce, but it is almost the end of the term, and there are a lot of big cases still outstanding.

The first case he announced came and went. Alito then moved on to a second case, this one tests whether migrants may apply for asylum in the U.S. by going to one of several ports of entry along the U.S.-Mexican border, and presenting themselves for admission. This entails presenting documents that persuade an asylum officer that applicants’ fear of persecution in their home country is credible enough to allow them to enter the U.S. while their asylum application is processed. Alito’s opinion ruled in favor of the Trump administration’s policy of refusing all such applicants by blocking them at the border. It was a policy also followed at one time by the Obama administration until it was blocked by the lower courts.

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After Alito finished his summary of the opinion, he paused, at which point Justice Sotomayor read a summary of her contrary views in dissent. When she finished, however, Justice Alito did not move on to the announcement of his third opinion. Instead, he did something that nobody in the press corps ever remembers happening before. Looking much as if he had just bitten into a lemon, Alito said, “There is much that I would have added to my bench statement had I known there would be a dissent read.” And he then went on to a short extemporaneous rebuttal.

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

The widow and the daughter of Maurice Pierce, one of the four men wrongfully accused in the 1991 Texas yogurt shop murders, have confirmed they signed a multimillion-dollar settlement with the city of Austin.

Kimberli and Marisa Pierce spoke with correspondent Erin Moriarty in a new episode of the podcast “48 Hours: Case by Case.” Moriarty has reported on the yogurt shop murders for over 30 years. 

Maurice Pierce’s widow Kimberli made clear that their priority has never been financial compensation. “It’s blood money for us. He died for this money,” Kimberli Pierce said. “It’s about the reform and the changes that need to happen, not only in Austin, but apparently across the country.”

They also went into great detail about what they believe happened when Maurice Pierce was shot and killed by police in 2010. 

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Maurice Pierce was one of four men, along with Michael Scott, Robert Springsteen and Forrest Welborn, who were wrongfully accused in the murders of four teenage girls in Austin on Dec. 6, 1991. Eliza Thomas, Amy Ayers, and sisters Jennifer and Sarah Harbison were tied up, shot and left inside the yogurt shop as it was set ablaze. 

The four men were exonerated in February after investigators linked another man, Robert Eugene Brashers, to the killings. The city of Austin subsequently offered a $35 million settlement. Because Maurice Pierce died in 2010, his share of $10 million will go to Kimberli and Marisa Pierce.

Eight days after the killings, 16-year-old Maurice Pierce was arrested at a mall, carrying a .22, the same caliber handgun connected to the crime. Kimberli Pierce said police told Maurice Pierce that his gun was the murder weapon. He responded by mentioning his friend Forrest Welborn. Maurice Pierce was then wired up and sent to speak with Welborn, but investigators ultimately determined that Welborn and the others knew nothing about the murders, and no charges were filed at that time.

Marisa Pierce has said there was no evidence when her father was questioned, “only a detective and a narrative, a narrative so completely false. It feels evil.”

From left, Maurice Pierce, Forrest Welborn, Michael Scott and Robert Springsteen were exonerated in February 2026 after investigators linked another man, Robert Eugene Brashers, to the December 1991 killings of four teenage girls in an Austin, Texas, yogurt shop. 

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Nearly eight years later, in 1999, all four men were arrested after Scott and Springsteen confessed to the murders. They later recanted, saying they had been coerced. Springsteen and Scott were tried and convicted, but later those convictions were overturned on constitutional grounds. A subsequent DNA test excluded all four men. Maurice Pierce was never convicted but spent three years in jail before his release in 2003. 

Kimberli Pierce said her husband came home a hardened man. She believes police continued to harass Maurice and their family after his release. In 2010, Maurice Pierce was stopped for a routine traffic stop, fled on foot, and was shot and killed by an Austin police officer who said Pierce had stabbed him with a knife. 

Marisa and Kimberli Pierce told “48 Hours” that they intend to review the circumstances surrounding the night of Maurice Pierce’s death. Marisa Pierce revealed in new, emotional detail that she was on the phone with her father at the time. She believes he panicked and was only trying to get away, not to hurt anyone. She described her father’s last breaths: “And in those last moments, he had just said I’m sorry, I don’t think you’re gonna see me again, and I love you.” 

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“48 Hours” reached out to the Austin Police Department about the Pierces’ allegations of harassment and their questions about Maurice Pierce’s death in 2010. The police department said they had no additional comment.

For the Pierce family, the settlement is a starting point, not an end point. They have put forward seven proposed reforms they hope the city of Austin will approve, including appointing a child advocate whenever a minor is questioned, prohibiting deceptive interrogation tactics, educating juveniles about their rights and establishing accountability measures to address tunnel vision in police investigations.

In a statement shared with “48 Hours,” the Pierces wrote: “Real justice is not only about acknowledging harm after the fact but about creating safeguards that prevent future families from enduring the same pain.”  

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The Maine Town That Actually Wants a Data Center

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This year, Maine nearly became the first state to pass a statewide moratorium on new data centers. But before the law could take effect, supporters of an A.I. data center project in the small town of Jay rallied to fight the ban — and won. So why do residents there want one? We traveled to Jay to find out.

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