Foxtons has bowed to pressure from unhappy shareholders and will review its senior pay policy.
New chair Nigel Rich, the former chair of Hamptons International and SEGRO, has promised to carry out a review of the remuneration policy when he starts in the post tomorrow.
At the firm’s AGM in April almost 40% of investors protested about the chief executive’s bonus, including its second biggest shareholder, Hosking Partners.
Shareholders were angry that Foxton’s chief Nic Budden had picked up a cash bonus of £389,000 and shares worth £569,000 despite the company taking £6.9m in government support last year, including £4.4m from the furlough scheme. Budden’s total remuneration for the year was £1.6m.
The revolt resulted in the departure of Ian Barlow as chair.
