Plans for a new executive pay scheme at Countrywide have been scrapped after coming under fire from shareholder bodies.
The embattled estate agency group had outlined proposals this month to award performance shares potentially worth about £20 million to top bosses — plans announced alongside an emergency £140m fundraising, launched to cut the group’s debts and turn the business around.
Institutional Shareholder Services, a leading investor advisory group, had advised shareholders to vote against the incentive scheme, calling it excessive and complex. “There is also no compelling explanation . . . as to why the proposed arrangement is essential to effectively implementing the group’s strategy and turnaround plan,” it said.
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