SHAREHOLDERS in The extra rights for investors, granting them a binding vote on future pay and a single figure for each director's pay packet, came into effect in
With most of this year's annual meetings now complete, the average
Both figures are slightly higher than the 2013 average of 8.13 per cent dissent against pay for the prior year, which was the only vote available before the rules changed.
The percentages are influenced by a handful of large rebellions, and more investors joined in with the biggest dissents than a year ago.
The revolts are not as widespread as they were during the so- called shareholder spring of 2012, when corporate giants including
However, influential shareholders have been quick to raise concerns about specific problems this year, including fund manager Fidelity, which pledged to vote down any policy that allowed directors to cash in long-term share awards after just three years.
Standard Life Investments, meanwhile, has taken to voting against the reappointment of individual board members to reinforce its disapproval of pay awards at firms including
"I think there's an informal sense that if 10 per cent or more of your shareholders are voting against you as a person, you have got to sit up and take notice," said
The largest blue chip shareholder revolt to emerge from the new pay policy votes was
While it was not enough to defeat the policy altogether, shareholders highlighted concerns about a proposal to reward top staff based on annual targets rather than more long-term goals.
While the rebellion was slightly smaller than in 2013, when 29 per cent of the transport company's investors voted down the remuneration report, it was enough to prompt chairman
A handful of shareholder meetings, including that of drinks group
The new rules on executive remuneration at
The EU intends to adopt similar rules on pay votes for the 10,000 firms that are listed on stock exchanges across
Other reforms to emerge from the Kay report include plans to end mandatory quarterly reporting and the launch of the
The extra rights for investors, granting them a binding vote on future pay and a single figure for each director's pay packet, came into effect in