Niall FitzGerald
Tom Glocer collects transatlantic business award
Thursday 05 November 2009
The British Ambassador to the United States, Nigel Sheinwald, presented the award which is handed out each year by BritishAmerican Business. BABI is dedicated to helping companies connect and build their business on both sides of the Atlantic. Glocer is a member of its international advisory board.
He told guests at a dinner at the Pierre Hotel on Tuesday 3 November: “Thomson Reuters spans the Atlantic and then the world. From time to time (especially in lean times) much is made of the rivalry between New York and London as great financial centers. However, it has always seemed to me that the qualities we share in common and the links that bind us are stronger than our differences”.
The two cities provide “a most fertile ground for a professional information company like Thomson Reuters to thrive in”, he added. “I accept this award on behalf of all my colleagues at Thomson Reuters in the hope and belief that we shall remain intertwined in the success of London and New York for many years to come”.
Deputy chairman Niall FitzGerald is a past recipient of the award.
● SOURCE Reuters | BABI
Niall FitzGerald shortlisted for supermarket chairman
Sunday 21 June 2009
Thomson Reuters’ deputy chairman Niall FitzGerald is one of two leading businessmen shortlisted to become chairman of supermarket group J Sainsbury, The Sunday Times said.
The other one in the frame for the £396,000-a-year job at the top of Britain’s third-biggest food retailer is John Peace, chairman of fashion brand Burberry, business information group Experian, and acting chairman of Standard Chartered bank.
“FitzGerald, 63, is deputy chairman of Thomson Reuters and is keen to take a chairmanship,” the newspaper said. “In recent months he has been approached on three occasions to become chairman at BP but turned down the offers.
“The wealthy Irishman, who flirted with communism in his youth, spent three decades selling everything from Dove soap to Vaseline at Unilever, the household-goods group.”
He became a director of Reuters in 2003, chairman in 2004, and deputy chairman of the combined group on Thomson’s takeover in April 2008.
● SOURCE The Sunday Times
The other one in the frame for the £396,000-a-year job at the top of Britain’s third-biggest food retailer is John Peace, chairman of fashion brand Burberry, business information group Experian, and acting chairman of Standard Chartered bank.
“FitzGerald, 63, is deputy chairman of Thomson Reuters and is keen to take a chairmanship,” the newspaper said. “In recent months he has been approached on three occasions to become chairman at BP but turned down the offers.
“The wealthy Irishman, who flirted with communism in his youth, spent three decades selling everything from Dove soap to Vaseline at Unilever, the household-goods group.”
He became a director of Reuters in 2003, chairman in 2004, and deputy chairman of the combined group on Thomson’s takeover in April 2008.
● SOURCE The Sunday Times
Pension increase ruled out for this year
Thursday 14 May 2009
Thomson Reuters has turned its back on members of its UK pension funds and ruled out any inflation-linked increase for 2009, their fourth pay freeze in the past seven years.
The bad news, which effectively means that Reuters Pension Fund and Supplementary Pension Scheme pensioners are 13 per cent worse off, was confirmed at the Thomson Reuters annual general meeting in London on 13 May.
Pension Review Group chairman Angela Dean asked CEO Tom Glocer when the newly merged company would “do the right thing by its pensioners and pay them index-linked increases, as do other FTSE 100 companies with defined benefit schemes, and as did the old Thomson company for its UK pensioners?”
Glocer ducked the question and passed it to former Reuters chairman Niall FitzGerald, who speaks for “legacy Reuters issues” on the new Thomson Reuters board of directors.
FitzGerald noted that the RPF and SPS were in deficit at the end of 2008. This meant that under the terms of the 2006 funding agreement between old Reuters and the pension fund trustees, there could be no inflation increases this year.
FitzGerald reminded that there had been increases in the three years since the funding agreement, when Reuters put in £230 million to shore up the funds and wipe out their deficits at that time. If the funds returned to surplus by the end of this year, the trustees would be in a position to resume increases, he said.
The funding agreement between RPF/SPS and the company runs out in 2010, when it will be renegotiated. When Thomson took over Reuters last year, it said it was standing by the agreement.
Allan Ferguson, another Reuters UK pensioner who attended the AGM, said he understood that former employees of Thomson “get cost of living increases automatically”.
FitzGerald replied that Thomson Reuters had many pension schemes in many different countries. “Some have automatic indexation, some don’t. I really can’t add anything to what I said.”
David Thomson, chairman of the board and head of the Canadian company which has the controlling interest in Thomson Reuters, ended on a more conciliatory note by saying “we will take into serious consideration your concerns”.
The Pension Review Group wrote to CEO Glocer in April, ahead of the AGM, setting out the concerns of RPF/SPS pensioners and asking the company to resume annual inflation increases, which was very much the custom and practice prior to the first freeze in 2003.
The PRG letter, which the company has acknowledged but not yet provided a substantive reply, noted that Thomson Reuters was doing well and paying Glocer and other senior executives multi-million dollar salaries and bonuses. Pensioners, meanwhile, were getting poorer.
The PRG intends to publish the full text of its letter and the company’s substantive reply, when it arrives. The question asked by the PRG chairman at the AGM was as follows:
At a time when the new Thomson Reuters company is forging ahead, and its top executives from old Reuters are earning multi-million dollar salaries and bonuses, why are Reuters pensioners suffering yet another pay cut?
Elderly members of the Reuters UK defined benefit schemes are facing their fourth pension freeze in seven years, which means they are 13 per cent worse off. And this at a time when any savings they might have are producing greatly reduced returns.
When will Thomson Reuters do the right thing by its pensioners and pay them index-linked annual increases, as do other FTSE 100 companies with defined benefit schemes, and as did the old Thomson company for its UK pensioners?
The bad news, which effectively means that Reuters Pension Fund and Supplementary Pension Scheme pensioners are 13 per cent worse off, was confirmed at the Thomson Reuters annual general meeting in London on 13 May.
Pension Review Group chairman Angela Dean asked CEO Tom Glocer when the newly merged company would “do the right thing by its pensioners and pay them index-linked increases, as do other FTSE 100 companies with defined benefit schemes, and as did the old Thomson company for its UK pensioners?”
Glocer ducked the question and passed it to former Reuters chairman Niall FitzGerald, who speaks for “legacy Reuters issues” on the new Thomson Reuters board of directors.
FitzGerald noted that the RPF and SPS were in deficit at the end of 2008. This meant that under the terms of the 2006 funding agreement between old Reuters and the pension fund trustees, there could be no inflation increases this year.
FitzGerald reminded that there had been increases in the three years since the funding agreement, when Reuters put in £230 million to shore up the funds and wipe out their deficits at that time. If the funds returned to surplus by the end of this year, the trustees would be in a position to resume increases, he said.
The funding agreement between RPF/SPS and the company runs out in 2010, when it will be renegotiated. When Thomson took over Reuters last year, it said it was standing by the agreement.
Allan Ferguson, another Reuters UK pensioner who attended the AGM, said he understood that former employees of Thomson “get cost of living increases automatically”.
FitzGerald replied that Thomson Reuters had many pension schemes in many different countries. “Some have automatic indexation, some don’t. I really can’t add anything to what I said.”
David Thomson, chairman of the board and head of the Canadian company which has the controlling interest in Thomson Reuters, ended on a more conciliatory note by saying “we will take into serious consideration your concerns”.
The Pension Review Group wrote to CEO Glocer in April, ahead of the AGM, setting out the concerns of RPF/SPS pensioners and asking the company to resume annual inflation increases, which was very much the custom and practice prior to the first freeze in 2003.
The PRG letter, which the company has acknowledged but not yet provided a substantive reply, noted that Thomson Reuters was doing well and paying Glocer and other senior executives multi-million dollar salaries and bonuses. Pensioners, meanwhile, were getting poorer.
The PRG intends to publish the full text of its letter and the company’s substantive reply, when it arrives. The question asked by the PRG chairman at the AGM was as follows:
At a time when the new Thomson Reuters company is forging ahead, and its top executives from old Reuters are earning multi-million dollar salaries and bonuses, why are Reuters pensioners suffering yet another pay cut?
Elderly members of the Reuters UK defined benefit schemes are facing their fourth pension freeze in seven years, which means they are 13 per cent worse off. And this at a time when any savings they might have are producing greatly reduced returns.
When will Thomson Reuters do the right thing by its pensioners and pay them index-linked annual increases, as do other FTSE 100 companies with defined benefit schemes, and as did the old Thomson company for its UK pensioners?
Pay boom for Thomson Reuters executives
Thursday 02 April 2009
Six senior executives of Thomson Reuters have been given share awards that could be worth $61 million, the Financial Times reported on Thursday.
The awards come after a year in which profits and revenues grew ahead of expectations but fears about the health of the financial and professional customers on which it depends also grew.
Tom Glocer, CEO, was granted restricted stock units valued at a potential $26.1 million over five years. The awards are not subject to performance criteria, the FT said.
“Separate cash and stock bonuses, and $757,000 relocation expenses, mean Glocer’s compensation jumped from £2.61 million for his last year at Reuters to $8.91 million for his first at the helm of the enlarged group,” it said.
A spokesman said the rise reflected larger responsibilities, performance achievements and currency swings. A similar one-time grant to Devin Wenig, chief executive of the markets division, was valued at $15.9 million, on top of a $4.54 million compensation package for the year.
Thomson Reuters said the awards for the two former Reuters executives, which exceeded those to former Thomson directors, were in part a reflection of the fact that they could not join Thomson’s defined pension plan for executives, which is now closed to new participants.
The details come amid heated argument about executive compensation, particularly in the Wall Street and City firms served by Thomson Reuters, and after contentious contract negotiations with some editorial staff, the FT said.
“But the company has little to fear from shareholder opposition to the rewards as it is 55 per cent controlled by the Woodbridge Company, which represents the Thomson family’s holding.”
Geoff Beattie, president of Woodbridge, was also granted restricted stock units with a theoretical value of $3.57 million. Niall FitzGerald, former Reuters chairman, received restricted stock valued at $707,000. The two deputy chairmen were architects of the Thomson Reuters deal.
The rewards followed a year in which the group hit the top end of its forecasts, with eight per cent pro forma revenue growth and a 19 per cent increase in underlying operating profit.
Last month it accelerated estimates of integration savings from the merger, raised the dividend and predicted further organic growth in 2009.
Executive salaries will be frozen this year, after Glocer’s basic salary slipped from the sterling equivalent of $1.67 million to $1.55 million.
A compensation committee report said it had aimed to increase the portion of his compensation tied to performance.
The Daily Mail said: “In an age of shrinking banking bonuses, the staggering payout made American Tom Glocer one of the highest earners in corporate Britain last year.
“The 49-year old lawyer hit the jackpot after merging Reuters, where he was chief executive, with North American media conglomerate Thomson.
“An estimated £15m share option package was triggered when the £9bn deal was finally given the green light last March.
“But the gravy train gathered more speed when Glocer pitched up in the US as head of the enlarged data and publishing giant and was handed share options worth over £18m in Thomson-Reuters.”
His basic pay at Reuters was a relatively modest £900,000. Glocer is aiming to cut overheads by nearly £1 billion – in a move that will see him slash jobs at the combined financial markets divisions.
The Mail said Thomson Reuters’ annual report published on Monday offers a tantalising glimpse into the pay and perks commonplace in US boardrooms.
“But his sweeteners could revive painful memories for longstanding shareholders.
“Glocer came under fire over the £230,000 annual rent Reuters used to pay for his London home.
“Reuters shares have lost less than a tenth of their value over the past year, making them among the best performers in the battered media sector.”
● SOURCE Financial Times | Daily Mail
The awards come after a year in which profits and revenues grew ahead of expectations but fears about the health of the financial and professional customers on which it depends also grew.
Tom Glocer, CEO, was granted restricted stock units valued at a potential $26.1 million over five years. The awards are not subject to performance criteria, the FT said.
“Separate cash and stock bonuses, and $757,000 relocation expenses, mean Glocer’s compensation jumped from £2.61 million for his last year at Reuters to $8.91 million for his first at the helm of the enlarged group,” it said.
A spokesman said the rise reflected larger responsibilities, performance achievements and currency swings. A similar one-time grant to Devin Wenig, chief executive of the markets division, was valued at $15.9 million, on top of a $4.54 million compensation package for the year.
Thomson Reuters said the awards for the two former Reuters executives, which exceeded those to former Thomson directors, were in part a reflection of the fact that they could not join Thomson’s defined pension plan for executives, which is now closed to new participants.
The details come amid heated argument about executive compensation, particularly in the Wall Street and City firms served by Thomson Reuters, and after contentious contract negotiations with some editorial staff, the FT said.
“But the company has little to fear from shareholder opposition to the rewards as it is 55 per cent controlled by the Woodbridge Company, which represents the Thomson family’s holding.”
Geoff Beattie, president of Woodbridge, was also granted restricted stock units with a theoretical value of $3.57 million. Niall FitzGerald, former Reuters chairman, received restricted stock valued at $707,000. The two deputy chairmen were architects of the Thomson Reuters deal.
The rewards followed a year in which the group hit the top end of its forecasts, with eight per cent pro forma revenue growth and a 19 per cent increase in underlying operating profit.
Last month it accelerated estimates of integration savings from the merger, raised the dividend and predicted further organic growth in 2009.
Executive salaries will be frozen this year, after Glocer’s basic salary slipped from the sterling equivalent of $1.67 million to $1.55 million.
A compensation committee report said it had aimed to increase the portion of his compensation tied to performance.
The Daily Mail said: “In an age of shrinking banking bonuses, the staggering payout made American Tom Glocer one of the highest earners in corporate Britain last year.
“The 49-year old lawyer hit the jackpot after merging Reuters, where he was chief executive, with North American media conglomerate Thomson.
“An estimated £15m share option package was triggered when the £9bn deal was finally given the green light last March.
“But the gravy train gathered more speed when Glocer pitched up in the US as head of the enlarged data and publishing giant and was handed share options worth over £18m in Thomson-Reuters.”
His basic pay at Reuters was a relatively modest £900,000. Glocer is aiming to cut overheads by nearly £1 billion – in a move that will see him slash jobs at the combined financial markets divisions.
The Mail said Thomson Reuters’ annual report published on Monday offers a tantalising glimpse into the pay and perks commonplace in US boardrooms.
“But his sweeteners could revive painful memories for longstanding shareholders.
“Glocer came under fire over the £230,000 annual rent Reuters used to pay for his London home.
“Reuters shares have lost less than a tenth of their value over the past year, making them among the best performers in the battered media sector.”
● SOURCE Financial Times | Daily Mail
Niall Fitzgerald favoured to chair BP
Sunday 22 February 2009
Niall Fitzgerald, Thomson Reuters’ deputy chairman, is one of the favourites to succeed fellow Irishman Peter Sutherland as chairman of BP, The Independent on Sunday reported.
Fitzgerald, 63, has been approached by a head-hunter to take over when Sutherland steps down in April after 12 years at the helm of the oil giant.
“Sources close to Mr Fitzgerald say he is interested in taking on one of the UK’s most prestigious industrial jobs. He was chairman and chief executive of Unilever, after working for the Anglo-Dutch household goods group for more than three decades, and chairman of Reuters until it merged with Thomson... After the merger, he took on the deputy chair,” The Independent said.
Fitzgerald has no direct experience of the oil industry. “He is interested in the environment – a big issue for BP – through his work as chairman of the Investment Climate Facility for Africa and serves on the International Business Council, the World Economic Forum, China’s Tsinghua University, as well as advising Morgan Stanley,” the newspaper added.
● SOURCE The Independent on Sunday
Fitzgerald, 63, has been approached by a head-hunter to take over when Sutherland steps down in April after 12 years at the helm of the oil giant.
“Sources close to Mr Fitzgerald say he is interested in taking on one of the UK’s most prestigious industrial jobs. He was chairman and chief executive of Unilever, after working for the Anglo-Dutch household goods group for more than three decades, and chairman of Reuters until it merged with Thomson... After the merger, he took on the deputy chair,” The Independent said.
Fitzgerald has no direct experience of the oil industry. “He is interested in the environment – a big issue for BP – through his work as chairman of the Investment Climate Facility for Africa and serves on the International Business Council, the World Economic Forum, China’s Tsinghua University, as well as advising Morgan Stanley,” the newspaper added.
● SOURCE The Independent on Sunday
Reuters Golf Society re-brands
Monday 26 January 2009
Reuters Golf Society has re-branded as Thomson Reuters Golf Society.
The Society is based in London and it’s a continuation of the Reuters Golf Society that has been in existence for over 35 years, John Roche writes.
Membership is open to men and women and members’ immediate family.
Reuters and now Thomson Reuters have continued to support the Golf Society, enabling the ongoing tradition of an egalitarian and ever expanding membership. It offers a rare opportunity for current employees from a diverse variety of job roles and departments, to meet socially. It also provides an opportunity for retired colleagues to meet up and keep in contact with current employees.
Each season eight or nine venues are selected within easy reach of the London orbital M25 motorway. During 2008 the membership was 130 there were more than 400 player days.
The Society’s current president is Thomson Reuters’ deputy chairman Niall FitzGerald.
● Thomson Reuters Golf Society
The Society is based in London and it’s a continuation of the Reuters Golf Society that has been in existence for over 35 years, John Roche writes.
Membership is open to men and women and members’ immediate family.
Reuters and now Thomson Reuters have continued to support the Golf Society, enabling the ongoing tradition of an egalitarian and ever expanding membership. It offers a rare opportunity for current employees from a diverse variety of job roles and departments, to meet socially. It also provides an opportunity for retired colleagues to meet up and keep in contact with current employees.
Each season eight or nine venues are selected within easy reach of the London orbital M25 motorway. During 2008 the membership was 130 there were more than 400 player days.
The Society’s current president is Thomson Reuters’ deputy chairman Niall FitzGerald.
● Thomson Reuters Golf Society
US award for Niall FitzGerald
Thursday 29 May 2008
Niall FitzGerald, deputy chairman of Thomson Reuters, has received the Woodrow Wilson Award for Corporate Citizenship.
The award was made in recognition of his distinguished business career and corporate leadership both in the UK and internationally.
Winners must demonstrate a proven commitment to societal matters beyond the bottom line, encourage ties among different sectors of society and promote international cooperation and understanding.
The award was presented by the Woodrow Wilson International Center for Scholars of the Washington-based Smithsonian Institution at a gala dinner in London on 21 May.
“I am honoured to receive the Woodrow Wilson Award for Corporate Citizenship, though I feel I have been singled out for doing something that should be entirely expected and natural,” FitzGerald said. “Business is a part of the society it serves and should go beyond the interests of its own shareholders.”
FitzGerald joined Reuters as a non-executive director in 2003 and became chairman in 2004. He was previously chairman and CEO of Unilever.
● SOURCE Thomson Reuters
The award was made in recognition of his distinguished business career and corporate leadership both in the UK and internationally.
Winners must demonstrate a proven commitment to societal matters beyond the bottom line, encourage ties among different sectors of society and promote international cooperation and understanding.
The award was presented by the Woodrow Wilson International Center for Scholars of the Washington-based Smithsonian Institution at a gala dinner in London on 21 May.
“I am honoured to receive the Woodrow Wilson Award for Corporate Citizenship, though I feel I have been singled out for doing something that should be entirely expected and natural,” FitzGerald said. “Business is a part of the society it serves and should go beyond the interests of its own shareholders.”
FitzGerald joined Reuters as a non-executive director in 2003 and became chairman in 2004. He was previously chairman and CEO of Unilever.
● SOURCE Thomson Reuters
