The revolt came after shareholder activist group Pirc called for investors to vote against the deals, citing concern “surrounding the operation of long-term plans which have no performance conditions or maximum awards limits”.
“During the year, Ian Gorham, the chief executive, was awarded options worth 12.7% his base salary. Average CEO pay is at the top of the sector,” Pirc added.
Founders Peter Hargreaves and Stephen Lansdown currently hold 52% of the firm, which floated in 2007, meaning that aside from their holding over half of shareholders voted against the move.
Pirc also said that directors’ contracts were on a 12-month rolling basis but said there was “no explanation of the company’s liabilities on termination payments”.
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