The biggest shareholder revolt of the year has taken place at engineering company
It is the first time that investors have voted down a company's pay policy - which covers proposals for paying staff over the coming three years and was introduced in October by the business secretary,
But shareholders in
It is the first time that any company on the
The vote on the pay policy is binding while the vote on the remuneration report is advisory – but sends a clear signal to the company about investors' views on pay deals.
The company issued a statement to say its remuneration committee "has already begun consultations with our shareholders to determine how these concerns can be best overcome".
"We have a clear commitment to governance and shareholder engagement and we look forward to continuing dialogue with our shareholders on the remuneration of our directors. Once this consultation has concluded, we will put the revised remuneration policy forward for another vote in due course."
The votes on pay policies are being closely watched by companies because they are binding.
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