Some of the world's largest investors have been turning up the heat on boardroom executives since the Covid pandemic struck last year, urging them to avoid awarding excessive bonuses to company bosses if staff have been laid off or shareholder dividends have been slashed.

In the months following the onset of the crisis, influential investors including BMO Global Asset Management, Robeco and Schroders were quick to advise companies against topping up pay for those executives who may have seen bonuses disappear due to falling share prices and dwindling profits.