About 40% of votes opposed the company's remuneration report, its remuneration policy and changes to its 2008 share plan.
Announcing the vote,
"We are committed to ensuring that our remuneration policy (and in particular the long-term incentive plans) takes account of shareholders' views and at the same time enables the company to implement its strategy through an appropriately incentivised management team."
The revolt centred on shares awarded to
The company had a 41% vote against its pay policy. That vote is binding and a slightly bigger rebellion would have forced
The pay rebellion follows a rocky period for
There were pay protests at each of its previous two annual meetings as financial problems mounted. There has been a series of rebellions at this year's AGMs with
The company now has a new management team and financial performance has stabilised under chairman
However, the remuneration committee failed to quell shareholder unease over pay after previous rebellions. In its annual report, the company said: "During 2013, the committee conducted a review of the company's remuneration policy, which took into account feedback from the 2013 AGM. A new policy was developed, which sought to address these concerns and this was shared informally with major shareholders and governance bodies in late 2013. The majority of those consulted indicated their support, although a few did not respond. One governance group reverted with several suggestions for further revisions and the committee incorporated most of these suggestions into the final policy."
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