Shareholders ignored calls to slash LondonMetric chief executive Andrew Jones’ £2.8m pay packet today.
Pirc, a shareholder lobby group, had urged shareholders to vote down his remuneration, which it called “excessive”.
But the resolution was passed with 98.5% of the vote at today’s AGM.
Pirc said Jones’ variable pay was 435% of his base salary, above the 278% it recommended as a maximum.
Any vote against would only have been advisory, although new prime minister Theresa May has promised to give shareholders an annual binding vote in their companies’ pay policies and individual remunerations.
The move would be an expansion of a rule brought in by the coalition government in 2013 that gave shareholders a binding vote on compensation policies every three years.
Among other resolutions passed at the LondonMetric AGM was the election of Andrew Livingston as an independent non-executive director.
• Boss’s pay packet under fire
• LondonMetric eyes e-commerce
• To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette
