Investors stage pay revolt at M&B's AGM

By This Is Money
Updated:

 

Investors sent a shot across the bows of directors at Mitchells & Butlers yesterday when a third of them refused to approve the company's remuneration report.

O'Neills, a Mitchell & Butler pub

Pub takings: Sales are up at M&B, owner of the O'Neills chain

The owner of All Bar One and Harvester last year pushed through a new remuneration policy that is largely based on the share price performance, and investors used the annual meeting to express their disapproval.

Shareholder activist Pirc had urged investors to vote against the re-election of four independent directors, but they survived.

The Association of British Insurers issued similar warnings. The company's ability to issue new equity was also blocked by its biggest shareholder, the tycoon Joe Lewis, who has 23%, and the Irish investors JP McManus and John Magnier, who have around 18%.

Earlier this week, chairman John Lovering said he was stepping down from the role after just a year in the job.

Total sales at M&B rose by 3.9% in the first 17 weeks of the financial year.

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