Bonus backlash at Argos owner Home Retail
Investors bared their teeth at the annual meeting of Argos owner Home Retail Group, where more than a third voted against the company's contentious pay scheme.
Cheek: Bosses at the Argos owner want tio pay themselves bonuses equalling 150% of their salary.
Last week the influential Association of British Insurers, whose members own 15% of the FTSE 100, voiced its dismay over the plan to pay senior managers a cash bonus of up to 150% of their basic salary.
The ABI took the unusual step of issuing a 'red-top warning', underlining its serious concerns about the corporate excess.
The pay deal was signed off by Andy Hornby, the disgraced former boss of Halifax Bank of Scotland who chairs HRG's pay committee.
While the package was eventually approved, 36% voted against resolution two on the meeting's ballot card to ratify the firm's remuneration report.
By City standards a rebellion of this size carries enormous weight as institutional investors rarely air their dirty linen in public. With abstentions, the protest vote was over 40%.
Lately, spurred by the disintegration of the banks and a spate of high profile corporate failures, shareholders have become far more militant and much less tolerant of fat cat pay and rewards for failure.
Royal Dutch Shell, BP, Next and financial services group Provident Financial have all be targeted over boardroom pay.
Marks & Spencer's Stuart Rose is expected to face the wrath of investors next week over his role as executive chairman of the department store chain.
A HRG (down 2¼p at 262½p) spokesman said: 'The committee has taken note of the comments made by those shareholders who have expressed concern and will take these views into account in the ongoing monitoring of the effectiveness of the group's incentive arrangements.'
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- Mail Online takes a tour of Gatwick's modern EV charging station
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- How to invest for income and growth: SAINTS' James Dow
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- Land Rover unveil newest all-electric Range Rover SUV
- Cerillion boosted by $11.1m contract with provider of...
- MARKET REPORT: FTSE falters despite UBS call to buy...
- Anglo strikes out alone - but can it survive a bid...
- Anglo American rejects rival BHP's £34bn second takeover bid
- Police not interested in shoplifting, says M&S as thefts...
- London's 'Mr Super Prime' to take centre stage in...
- Phoenix Group finance chief to step down from insurer
- A MILLION more people have taken on mortgages they will...
- Used car marketplace Cazoo looking for buyers as it nears...
- UK Government sells another chunk of NatWest shares
- US owner of Boots steps up efforts to find a buyer for...
- Diploma shares top FTSE 100 risers after firm raises...
- How reliable are the most popular used cars? Here's how...
- Former Chancellor Nadhim Zahawi to chair Very Group
- Taxpayer stake in NatWest falls below 27% as Treasury...
- I repeatedly bail out my partner from his financial...
- BUSINESS LIVE: Nadhim Zahawi to chair The Very Group;...
- Evri issues warning over huge rise in smishing scams -...