Shareholders gave a further signal yesterday that they are unwilling to tolerate excessive executive pay settlements when housebuilder Crest Nicholson saw investors vote against the company's pay proposals.
The remuneration report met with opposition from 58% of shareholders who revolted against the pay scheme. The Financial Times reports that shareholders dislike a reduction in the levels at which incentives kick in under a long-term pay plan.
Crest Nicholson's board is said to be "consulting" with shareholders, though reports add that the company has revealed no intention to adjust the pay scheme in the wake of the vote.
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