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TUI governance under fire from shareholder group

LONDON, Feb 13 (Reuters) - Travel group TUI (LSE: 0NLA.L - news) has been criticised for its arrangements on governance and executive pay by a leading shareholder body, which said that the tour operator's approach falls short of British standards.

Ahead of TUI's results and annual general meeting on Tuesday, Institutional Shareholder Services (ISS (LSE: 0QRS.L - news) ) criticised the tour operator for not giving its shareholders a vote on executive pay and for using transaction-related bonuses.

Though incorporated in Germany, the group's main listing has been on the London Stock Exchange (Other OTC: LDNXF - news) since the 2014 merger of TUI (Swiss: TUI1.SW - news) Travel and TUI AG in 2014.

"In general, we find that while TUI's overall governance arrangements are consistent with German market practice, there are a number of areas where the company falls short of UK investor expectations," the ISS report said.

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"In addition, some elements of the company's approach to executive pay fall short of expected UK practice."

A TUI representative was not immediately available for comment.

Last week rival Thomas Cook (Frankfurt: A0MR3W - news) encountered significant investor dissent at its AGM, with about a fifth of shareholders voting against its directors' remuneration.

(Reporting by Alistair Smout; Editing by David Goodman)