A shareholder lobby group has urged LondonMetric shareholders to revolt against chief executive Andrew Jones’s “excessive” £2.8m pay packet.
PIRC called on shareholders to oppose Jones’s pay at the LondonMetric AGM on 14 July, saying his pay was not in line with the company’s performance over the past five years.
The group said that Jones’s variable pay, which included £583,000 in bonuses and £1.6m as part of a 2013 long-term investment plan, was 435% of his £500,000 base salary – above the 278% the group considers excessive.
Jones’s remuneration more than doubled from the £1.2m he received last year, largely because of his 2013 LTIP awards, even though his base salary and bonuses rose by only 1.3%.
LondonMetric did not pay any LTIP awards last year.
The company’s results for the year ending 31 March showed a recurring profits rise of 19% to £48.5m and a net rental income rise of 10% to £77.7m.
The company’s remuneration committee said one of its priorities for 2016 was to increase directors’ maximum bonuses by 15% of their salary, meaning Jones’s bonus could increase next year.
• To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette
