Advisers says shareholders should vote against remuneration report at Berkeley Group.
Shareholders in Berkeley Group, the property developer, have been advised to vote against the company remuneration report, including the chairman’s pay. ShareSoc, the body that advises individual shareholders, said the 2011 long-term incentive plan (LTIP) is likely to amount to total payouts of more than £400m and is therefore “excessive”. The pay of company chairman Tony Pidgley is also targeted. ShareSoc said it is “unnecessarily high” at £21m in 2015/16 and £23m in 2014/15. “The main reason for the high pay is the excessively generous 2011 LTIP scheme, of which he receives 30% of the total pot,” said a ShareSoc statement. Cliff Weight, ShareSoc spokesman on remuneration issues, said: “I think the Berkeley