Shipping broker Clarksons has recorded its eighth consecutive shareholder rebellion after investors were left appalled by the chief executive’s £12m pay package last year.
Andi Case, who has run the company since 2008, received a £10.4m bonus. He made him one of the highest-paid bosses of any London-listed company.
More than 40 percent of votes cast by investors at Clarksons’ annual meeting opposed the company’s pay plan.
Sailing into a storm: More than 40 percent of votes cast by investors at Clarksons’ annual meeting opposed the company’s pay plan
Nearly as many voted against the reelection of board director Tim Miller, who oversees the compensation committee.
Clarksons said it appreciated the support of “the majority” of investors and would engage with them “over the next year.” Miller told the Mail on Sunday that under Case the company’s value has grown “more than 1,800 per cent” and that it has to offer generous salaries to retain talented staff.
Andrew Speke, spokesman for the High Pay Center think tank, said it was “a huge rebellion by any measure.”
The revolt will put Clarksons on the official “list of shame” register run by trade body Investment Association, which includes companies where more than a fifth of shareholders voted against executive pay.
Investors have targeted a number of companies this year. Last week, two-thirds of shareholders in online trading group Plus 500 opposed the company’s pay policy.
Medical device maker Smith & Nephew faced a 43 percent revolt earlier this month.
Pharmaceutical giant Astrazeneca and educational publisher Pearson have also been targeted by investors.
Wealth manager St James’s Place (SJP) is facing a hostile reception at its annual meeting this week over the way it is run.
The FTSE 100 company is still reeling from having to set aside £426m to cover the likely cost of compensating tens of thousands of customers for annual financial reviews they never received.
SJP shares have fallen nearly 60 percent in the past year, threatening its place in the blue-chip index of blue-chip companies.
Investment advisor PIRC urges shareholders to vote against the re-election of SJP president Paul Manduca.