Vistry has indicated it will reconsider its pay plans after suffering a shareholder revolt.
Almost half of its shareholders voted against a remuneration report at its annual meeting yesterday, prompting the FTSE 250 company to say it would consult with backers to “fully understand their concerns”.
Just over 47% of shareholders voted against Vistry’s remuneration report.
In the run-up to the meeting, the proxy agencies ISS and Glass Lewis had advised shareholders to vote against the company’s pay policy after Vistry’s board eased the criteria for long-term bonus payments.
The plans had been put forward by a group of Vistry’s US shareholders, including Inclusive Capital, which wanted to implement a lucrative share-price related bonus deal.
