More than 70% of shareholders voted against the remuneration report for Royal Mail in one of the largest investor revolts seen by a UK-listed company.
Royal Mail yesterday saw one of the biggest shareholder revolts over a remuneration report of any company listed in the UK.
Investors voted 70.17% against a report, which had included a "golden hello" of £6m for the current chief executive Rico Back, and a £1m parting payment for outgoing CEO Moya Greene.
The vote reveals the depth of feeling that exists over chief executive pay among shareholders and that investors are willing to act in unison where they find pay arrangements intolerable.
In June Petropavlovsk saw a 71.54% vote against its remuneration report. May saw 59.38% vote against Playtech's report and 58.49% voted against
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda